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News Update as at 18.00 hrs (IST)
Industry
Coal India IPO after Navratna status
KOLKATA: Coal India Limited (CIL) has been toying with the idea of sending a proposal to the Government for enlisting the public sector behemoth on the bourses after securing the Navratna status.
A source close to the development said the first priority was to secure Navratna PSU status, "after that, the company would look forward to float an initial public offer (IPO)."
They added that, CIL would be able to get a better valuation of its shares after getting the Navratna status.
Meanwhile, as a part of corporate governance, the CIL board has inducted four independent directors on its board. "Enlisting the firm would help in better corporate governance," the source said.
Mr H C Gupta, Coal Secretary said that a meeting of the committee of secretaries had been scheduled on January 22, where CIL Chairman and Managing Director, Mr Partha Bhattacharya would give a presentation for seeking Navratna status.
During the 11th Plan period, CIL plans to invest Rs 18,000 crore for coal production. - PTI
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