At current market valuations, Coal India divestment would fetch the exchequer Rs 23,600 crore.
Coal India is down over 2 percent in trade Thursday as Cabinet Committee on Econimic Affairs (CCEA) approves 10 percent divestment in Coal India. Speaking at the Economist India Summit 2014 power & coal minister Piyush Goyal said that the government does not intend to fully exit Coal India and the Supreme Court's decision on the coal allocation issue will help re-orient the state-owned coal miner.
The minister also said that Coal India disinvestment decision is not a half measure and the government does not wish to fully exit the company.
At current market valuations, Coal India divestment would fetch the exchequer Rs 23,600 crore.
However, an immediate roadblock to stake sale emerged after it was learnt that five unions of Coal India have expressed their opposition to the divestment in the company. Sources told CNBC-TV18 that the unions have decided to go on a 'work to rule' protest between September 18 and 20 (under work-to-rule, employees report to work only to do specific, important jobs) and may decide to go a strike from September 21 if the government does not take back its decision.
Meanwhile, Goyal also said that widening gap between fuel and generation is the biggest challenge and there will be a resolution to the gas price soon.
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