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Coal India board directs PSU to withdraw from ICVL

International Coal Ventures (ICVL) is a PSU consortium formed to acquire coal mines overseas.

Coal Secretary Anil Swarup further said that instead of 36 coal mines the government has decided that it will allot 45 coal blocks to state-run companies.
The subsidy payment was in form of discount on crude oil it sold to refiners and its net realisation after the payout was $35.57 per barrel.
Retail investors would get five per cent price discount and 20-per cent shares worth more than Rs 4,000 crore would be reserved for them.
The government is selling 315.8 million shares of Coal India with an option to sell another 315.8 million, according to a notice to the bourses on Wednesday.
And they have just four years to do so. The list includes State Bank of India, Punjab National Bank and Canara Bank.
The sale of a stake in state-run Indian oil, could help the government raise more than US $1 billion towards its asset sale target of US $10 billion for FY15.
IOC will invest another Rs 890 crore in construction of a dedicated naphtha pipeline from Jaipur to Panipat along with augmentation of Koyali-Sanganer product pipeline.
This is the biggest-ever share sale by any private or public sector company in India.
The government plans to sell 315.8 million shares in Coal India on Friday with an option to sell another 315.8 million in the auction.
Oil Minister Dharmendra Pradhan said that the stake sale was still on the government's divestment list despite the challenge posed by falling global oil prices.
Barely two months are left in this fiscal and the government has managed to raise only Rs 1,715 crore through the disinvestment of 5% stake in SAIL.
There is a proposal to sell 10 per cent stake in Coal India which is likely to get the government Rs 24,000 crore at current prices.