Coal news and updates

CIL clueless on disinvestment fate

December 4: Amidst confusion over the government's stance regarding the proposed disinvestment of shares in Coal India Ltd (CIL), a top company official said there was no communication received from the coal ministry in this regard.

"We have not received any communication from the ministry. It's up to the ministry to take a decision," the official told ICMW.

According to media reports, the government is reconsidering disinvestment of 5% its shares in the coal behemoth in view of the poor performance of the stock on the bourses. However, there was no official confirmation to this regard.

"We can neither confirm nor deny any report. It is only the coal ministry that can take a call," the official added.

The development occurred after Prime Minister Manmohan Singh convened a high level meeting on disinvestment in Delhi on December 3. The meeting was attended by, among others, Finance Minister P Chidambaram, Coal Minister Sriprakash Jaiswal and Mines Minister Dinsha J Patel. Jaiswal, when asked about the outcome of the meeting, said the government was yet to take a decision on the disinvestment process.