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Coal India unions agree to 5% sell-off

Major trade unions of state-owned Coal India Ltd have agreed to allow a 5% disinvestment in the company instead of the planned 10%, India’s coal minister Sriprakash Jaiswal said today.

business Updated: Jul 30, 2013 21:36 IST
Reuters

Major trade unions of state-owned Coal India Ltd have agreed to allow a 5% disinvestment in the company instead of the planned 10%, India’s coal minister Sriprakash Jaiswal said on Tuesday.

The initial plan was made by the government to achieve its target of raising $6.7 billion (Rs 4,000 crore) through stake sales in the current financial year. A 5% stake sale will instead fetch about $1.5 billion at current market prices.

First Published: Jul 30, 2013 21:33 IST