India’s coal minister denies plan to split Coal India, sees no value

India’s coal minister denies plan to split Coal India, sees no value

India’s power and coal minister Piyush Goyal said on Friday there was no value in splitting up India’s biggest coal producer Coal India Ltd (COAL.NS) and denied any plans to break it up.

In a presentation seen by Reuters on Thursday, government officials recommend that Coal India – with a stock market valuation of $28 billion – should be broken up into seven companies, which they say would make it more competitive and efficient.

The proposal, dated Nov. 30, is expected to be presented to Prime Minister Narendra Modi soon, three government officials with direct knowledge of the situation said.

But Goyal said on the sidelines of an investment summit held in the capital city of the eastern state of Odisha that the report was “unfounded” and “untrue”. Read More…

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