Coal India Ltd (CIL), which has a tentative target of hitting the capital markets by the second quarter of 2010-11, is waiting for the right signals from the Union coal ministry on the issues of hike in prices and disinvestment.

The ministry’s decision on Friday to rule out a hike in coal prices has been a dampener for the Navratna public sector firm, which has internally worked out a target to come up with an initial public offer (IPO) by September 2010.

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CIL’s net profit in 2008-09 stood at only Rs 96 crore after it paid arrears worth Rs 7,856 crore to its employees as a result of the hike in salaries under NCWA-VIII, which was to be implemented with retrospective effect from July 2006.

The wage hike had also rendered as many as 33 projects of CIL in the 11th Plan Period (2007-2012) as commercially unviable.

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