Coal news and updates

Deloitte selected for study on Coal India restructuring

The coal ministry has selected global consultancy firm Deloitte, from among the nine shortlisted companies, for a study on restructuring of state-owned Coal India Ltd (CIL)

"Deloitte has been selected for a study on Coal India restructuring," an official close to the development said adding that the decision on the same was taken recently.

The Coal Ministry had invited proposals from nine shortlisted firms, including ICICI Securities, KPMG, Ernst & Young, McKinsey, Deloitte and Crisil, for restructuring of CIL.

An expression of interest with regard to providing consultancy for CIL restructuring was invited earlier this year and 17 firms including SBI Capital and Infosys had responded to the proposal.

Out of the 17 companies, nine firms qualified for the next stage of bidding, the ministry had earlier said.

The Coal Ministry had earlier informed the Prime Minister's Office that it will be appointing a consultant with international expertise to frame timeline to take forward the proposal on restructuring of the state-owned miner.

The Planning Commission and many high-level panels, including Expert Committee on Road Map for coal sector reforms - also known as T L Shankar Committee - recommended restructuring of CIL keeping in view the rapidly increasing demand of coal and the need for enhancing coal production and to make the coal sector competitive.

World's largest coal miner CIL has seven subsidiaries including Bharat Coking Coal Ltd (BCCL), Central Coalfields Ltd (CCL), and Eastern Coalfields Ltd (ECL) and Central Mine Planning and Design Institute Ltd. The coal producer has over 3.5 lakh employees.

Source: PTI