CIL to list on bourses
Govt has decided to get state-run behemoth Coal India Limited listed on the bourses to ensure vibrancy in its functioning and enable it generate resources to meet the requirements of the country.business Updated: Mar 13, 2007 13:44 IST
The government has decided to get state-run behemoth Coal India Limited (CIL) listed on the bourses to ensure vibrancy in its functioning and enable it generate resources to meet the requirements of the country.
The move comes days after Prime Minister Manmohan Singh said more PSUs should be listed to raise resources.
"The Coal Ministry has approved the appointment of 40 independent directors on the boards of Coal India Ltd and its seven subsidiaries to bring in vibrancy in its functioning besides suggesting measures to improve its administration," CIL Chairman and Managing Director Partho S Bhattacharya said.
The CIL has envisaged to pay Rs 1,500 crore dividend to the government this fiscal while in 2004-05, the coal giant had paid Rs 1,263 crore, which was 20 per cent of its equity.
He said detailed steps would be considered after receiving the Shankar Committee report. "The Committee which has been constituted to recommend steps on restructuring of CIL is expected to submit its report soon," he said.
The CIL Board has five functional directors, two nominees from Coal Ministry and one from the Railways, he said.
"We are in the process of making CIL a vibrant organisation and are gearing up our machinery to meet the domestic needs of the country," Bhattacharya said.
The CIL has chalked out an ambitious plan to invest Rs 15,000 crore during the 11th Five Year Plan to meet the cost of its existing and new projects.
The company also envisaged setting up greenfield washeries along with major power utilities at a cost Rs 4,000 crore in the next two years, the CIL chief said.