WORLD’S LARGEST COAL MINER
Break up Coal India, say officials
Coal India’s fate rests with Prime Minister Narendra Modi after calls for the entity to be divided into seven companies
New Delhi — Senior Indian government officials tasked by the prime minister with reviewing energy security are recommending the break-up of the country’s coal monopoly, Coal India, within a year. The move is likely to be resisted by powerful unions. In a presentation seen by Reuters, the government officials say Coal India — the world’s largest coal miner — would be more competitive and efficient if it was divided into seven companies. The proposal, dated November 30, was expected to be presented to Prime Minister Narendra Modi soon, three government officials with direct knowledge of the situation said. They declined to be identified because the information had not been publicly released. It is unclear whether the proposal will lead to the break-up of Coal India, which has a stock market capitalisation of $28bn. Calls to a Coal India spokesman went unanswered. A source close to Power and Coal Minister Piyush Goyal said the ministry would review its stand on Coal India depending on ...
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