Coal news and updates

Disinvestment in CIL, ONGC, NHPC to fetch record Rs 45,000 cr

The government on Wednesday kicked off the most ambitious disinvestment programme, targeting to mop up a record Rs 45,000 crore by selling shares in blue chips public sector companies — Coal India (CIL), ONGC and National Hydroelectric Power Corporation (NHPC).

While the exact dates are yet to be finalized, SAIL's disinvestment, which was cleared earlier, is likely later this month, with a 10% stake sale in Coal India expected around Diwali. The energy behemoth will help the government raise around Rs 23,600 crore based on its current share price. If prices hold, this sale alone is going to match the best ever disinvestment receipts of Rs 23,957 crore in 2012-13, when the government had sold shares of NTPC and NMDC, among others.

ONGC, where the government can garner close to Rs 19,000 crore via a 5% sale, is expected later in the year as the government is awaiting clarity on gas prices before the issue, sources in the government told TOI. Somewhere during the course of the year, it will also sell 11.3% in NHPC which, going by current price, will help generate around Rs 3,000 crore.

Source: The Times of India