Govt to sell 10% stake in Coal India: Goyal

The stake sale should raise more than $3.6 bn on current equity value

The government plans to sell a 10% stake in state-owned Coal India Ltd, Power and Coal Minister Piyush Goyal said on Thursday. This will make it one of the many divestments proposed by the new government to bolster its stressed finances.

The government owns 89.65% of the world's largest coal producer and the stake sale should raise more than $3.6 billion on current equity value. Goyal did not give a timeline for the stake sale.

The new government's first stake sale would be a 5% divestment in Steel Authority of India Ltd this fiscal year ending March 31, the finance ministry said last month.

Domestic roadshows for the SAIL sale would begin in the last week of this month while two teams will visit Hong Kong, Singapore, London, New York and Boston in the first week of September for its international marketing, a senior steel ministry official said. He dclined to be named.