Mumbai: Days after prime minister Manmohan Singh said more PSUs should get listed on the bourses to raise resources, the government set in motion the process of listing energy behemoth Coal India Limited (CIL).

The move is aimed at ensuring vibrancy in its functioning and enabling it to generate resources to meet the requirements of the country, sources said.

CIL has chalked out plans to invest Rs15,000 crore in its existing and new projects during the 11th Plan period. The company also envisaged the setting up of greenfield washeries along with major power utilities at a cost Rs4,000 crore in the next two years, CIL chairman and managing director Partho S Bhattacharya said.

"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," the CIL chief said.

The CIL board currently has five functional directors, two nominees from the coal ministry and one from the railways, he said.

CIL has proposed to pay a Rs1,500 crore dividend to the government this fiscal against Rs1,263 crore paid in 2004-05, he pointed out.

Meanwhile, the government has set up a committee to recommend a restructuring plan for CIL. 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 government's aim is to set up a mega PSU with a war chest of around $2.3 billion (Rs10,500 crore) for acquiring coal assets abroad.

A cabinet note is being finalised by the steel ministry to set up a special purpose vehicle (SPV) in partnership with five profit-making PSUs SAIL, NTPC, Coal India (CIL), Rashtriya Ispat Nigam (RINL) and National Mineral Development Corporation (NMDC), a government source said.

The five coal producing and consuming companies would together put in an equity component of around Rs4,000 crore in the proposed venture. The PSUs have been asked to prepare a proposal (for participation in the SPV) for approval from their respective boards.

The new entity may also rope in private sector companies such as Tata Steel and "reputed MNCs" as partners in specific projects, the source said.

As per the proposal, SAIL, NTPC and CIL would contribute Rs1,000 crore each as equity for the new entity while RINL and NMDC would put in Rs500 crore each.

Based on this, the company would leverage debt of about Rs6,500 crore taking the size of war chest to Rs10,500 crore. However, the exact equity and debt components would be worked out later.

The proposal also includes the powers of a navratna company for the new entity. It would, however, be kept outside the purview of CVC guidelines for facilitating quick clearances for large acquisitions.