10% Disinvestment in Coal India Ltd approves by CCEA [ Current Affairs ]
10 % of dispossession on Coal India Ltd (CIL) has approves by Cabinet of Committee on Economic Affairs (CCEA). This decision was taken at CCEA meeting chaired by Prime Minister Narendra Modi in New Delhi. In current time 79.65 % stake are holds by Union Government in CIL.
- In CIL’s history this is the 3rd Disinvestment and for current market capitalization it is expected to fetch approximately 21, 000 crore rupees.
- The Union Finance Ministry will decide the date, and price of stake sale and the disinvestment in CIL will be carried out through the offer for sale mechanism.
- The CIL is part of Union Government’s disinvestment drive for financial year 2015 - 16 with target of 69, 500 crore rupees for the stake sale. The Union Government’s Disinvestment was raised around 12, 600 crore rupees in 2015 - 16.
About Coal India Ltd
- CIL is located at Kolkata and West Bengal. And it is an Indian state - controlled coal mining company.
- CIL Provides almost 81 % of coal production in India and with this it is the lidding coal Production Company in the world.
- Union Governments has invested around 80 % of stake in CIL and also controls operation with Union Ministry of Coal.
- Union Government was consult Maharatna status to CIL in April 2011. Maharatna status is valuable company in India it is at 5th position in terms of market value
- Published on: November 20, 2015