India approves sale of 10% more in public sector Coal India, eyeing $3b

Photo: Reuters

The cabinet has cleared the sale of another 10 percent stake in state-run Coal India Ltd that could raise as much as $3 billion, a minister said on Wednesday, as the government seeks more funds to spend on infrastructure.

Bankers have already put in bids to manage a similar stake sale in the company as part of New Delhi’s aim to raise more than $10 billion by March by selling minority stakes in state firms. The government owns about 79 percent of the world’s largest coal miner.

India has raised just about $2 billion, or less than 20 percent of its divestment target, so far this year.

The timing of the latest Coal India stake sale will be decided by the finance ministry, Power and Coal Minister Piyush Goyal told reporters after a meeting chaired by Prime Minister Narendra Modi.

The divestment could raise as much as 200 billion Indian rupees ($3.02 billion), he said.

Goyal also said India would launch an initial public offering of Cochin Shipyard Ltd, which runs a yard that can build and repair big vessels.

($1 = 66.2200 rupees)

(Writing by Krishna N. Das; Editing by Douglas Busvine and Himani Sarkar)

Also Read: India: HSBC, ICICI Securities, SBI Cap, 5 others bid for Coal India’s $3.2b stake sale mandate

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Reuters

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In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.