Government moves to list CIL on bourses

Mumbai: Days after Prime Minister Manmohan Singh said more PSUs should be 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 to enable 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 setting up of greenfield washeries along with major power utilities at a cost of 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 Rs1,500 crore dividend to the government this fiscal against Rs1,263 crore paid in 2004-05, he pointed out.