INSUBCONTINENT EXCLUSIVE:
Coal India is reportedly on the government's list for saleThe government is considering a plan to raise as much as Rs 20,000 crore by
selling stake in the world's largest coal producer, and a bank to fund a stimulus program aimed at boosting the virus-battered economy,
officials with knowledge of the matter said.The proposal involves a share sale depending on the market sentiment, said the officials, who
asked not to be identified, as the discussions are private
In case of Coal India, if valuations are not attractive, the company will buy back shares from the government, they said
Two calls made to the finance ministry spokesman remained unanswered.The coronavirus pandemic has derailed Prime Minister Narendra Modi's
Rapid spread of the disease prompted the government to boost spending on welfare programs and revive the economy struggling from the month
long stay-at-home order to check the spread of COVID-19
PM Modi in February had planned to raise as much as Rs 2.1 lakh crore selling state assets in a bid to keep the budget deficit at 3.5 per
become the third worst-hit country with more than 7,40,000 Covid-19 cases, putting further pressure on finances.An unprecedented freeze in
international travel and lower oil prices has upset government plans to sell flag carrier Air India and nation's second-largest state
refiner Bharat Petroleum Corp
now.A possible credit rating downgrade is another risk for India, which is heading for its first economic contraction in more than four
The credit score of Asia's third-largest economy is only a step away from junk at Fitch Ratings and Moody's Investors Service, both of
which have kept the sovereign on negative watch citing deteriorating fiscal strength.
