Indian government is planning to sell 10 percent stake in state-owned Coal India. The government owns 89.65% of the company and the said stake sale should raise more than $3.6 billion on current equity value. This stake sell will be one of the many divestments proposed by the new government to bolster its stressed finances.
Coal India is the world’s largest coal mining company. It also produces non-coking coal and coking coal of various grades for diverse applications. The company has reported 8.10% rise in its consolidated net profit at Rs 4033.28 crore for the quarter as compared to Rs 3731.04 crore for the same quarter in the previous year.
