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Report: India eyes sale of Coal India stake

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Report: India eyes sale of Coal India stake

As part of a broader government push to divest state-owned assets, India may sell a stake in fossil-fuel behemoth Coal India Ltd., according to a June 18 Bloomberg News report.

Citing unnamed sources, Bloomberg reported that the size of the stake was being decided and that the sale could come in two rounds.

It is not the first time the government, which owns 78.55% of the miner, has tapped Coal India for cash. In early 2015, it fetched US$3.6 billion selling 10% of the state-controlled company, which is often referred to as the world's biggest coal miner.

The possible sale of a stake in Coal India follows the government's failed attempt in May to divest a 76% stake in Air India Ltd.

Coal India produced 567.4 million tonnes in fiscal 2018, below its target of 600 million tonnes, with attributable profit falling from 92.80 billion rupees to 70.20 billion rupees.