Coal India has reached an agreement with trade unions for the proposed disinvestment of 10 per cent government stake through IPO which may fetch up to Rs. 12,000 crore, Coal Minister Sriprakash Jaiswal said here on Friday.
“Coal India Ltd (CIL) has concluded an agreement with trade unions, which were opposing the proposed disinvestment in the company,” Mr. Jaiswal told reporters here.
“With this agreement in place, we are expecting to launch CIL’s IPO by July-August, which may fetch the government around Rs. 10,000-Rs. 12,000 crore,” the minister said.
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Following the agreement, the trade unions, including Intuc and Aituc, have cancelled a strike they had threatened to have next month.
Currently, the coal ministry has floated the draft Cabinet note for the proposed divestment for inter-ministerial discussions.