Money Control reported that the government could divest at least 5 % of their stake in Coal India this fiscal year, which could generate about INR 88 billion, Business Standard reports.
The stake sale is likely to take place in the second half of FY2018-19, the report said. The government has set a divestment target of Rs 80,000 crore (Rs 800 billion) for the financial year 2018-2019. The government has been struggling to meet this target after the failed Air India privatization plan.
The government, which currently owns 78.3 percent of Coal India, will transfer their stake to a Special National Investment Fund where PSU stakes are parked.
The SNIF can later sell the PSU stake. The SNIF has been set up so that the government can sell their stake in companies where they stake is more than 75 percent. Read More
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