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Cabinet approves 10% divestment in Coal India

The Government of India currently has 79.65 percent equity shareholding in the company while foreign institutional investors have 9.04 percent stake and domestic institutional investors 8.44 percent stake as of September 2015.

November 19, 2015 / 08:26 AM IST
 
 
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Moneycontrol Bureau


The Cabinet on Wednesday has approved proposal to sell 10 percent equity stake in Coal India, the country's largest coal mining company.


The Government of India currently has 79.65 percent equity shareholding in the company while foreign institutional investors have 9.04 percent stake and domestic institutional investors 8.44 percent stake as of September 2015.

The government had sold 10 percent stake in Coal India for more than Rs 25,000 crore through offer for sale in January 2015 and another 10 percent for Rs 15,000 crore through IPO in 2010.


The Cabinet has also approved initial public offer (IPO) of Cochin Shipyard, says Piyush Goyal, Coal and Power Minister while addressing press conference.


Apart from divestment, it has given approval to financial incentive for sugarcane farmers in the form of subsidy of Rs 4.50 per quintal on sugar for farmers.

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Goyal says important decisions were taken in Cabinet meet w.r.t infrastructure sector, which will benefit 34 road projects.


"Cabinet has allowed road ministry to consider extension of toll collections. It has approved segregation of civil construction cost from NHAI and okayed construction of stalled bridge project over river Ganga in Bihar," he says.


As a part of infrastructure, the government has also granted approval to 4 railway projects in Odisha & Andhra Pradesh worth Rs 7500 crore, which will boost movement of coal, iron ore & minerals.

To boost exports, it has approved a 3 percent interest subvention for SME exporters and cheaper bank loans facility to exporters.

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