Disinvestment dept seeks ministries comments on Coal India stake sale

Various ministries are required to submit their inputs by tomorrow to the Department of Disinvestment (DoD) on the draft Cabinet note for up to 10 per cent stake sale in Coal India.

"DoD has asked the ministries, including Coal, as well as Planning Commission to send their comments with regard to stake sale in Coal India by April 8," according to an official.

The government is expected to sell up to 10 per cent of its stake in the world's largest coal producer CIL through offer for sale route in the first quarter of this fiscal year.

The Finance Ministry had earlier moved a draft note of the Cabinet Committee on Economic Affairs for inter-ministerial comments for stake sale in CIL.

Meanwhile, a section of CIL employees has warned of going on strike if government goes ahead with stake sale proposal.

"We plan to go on strike if government goes ahead with its proposal of stake sale in Coal India," Indian National Mineworkers Federation secretary general, S Q Zama, had said. The union last month in a letter to Coal Minister Sriprakash Jaiswal had raised objections to the stake sale.

The government currently holds 90 per cent stake in CIL.

CIL got listed on the bourses in 2010 after government offloaded 10 per cent of its stake for Rs 15,199 crore.

The government plans to raise Rs 40,000 crore by way of PSU stake sale this fiscal year.