Key Developments: Coal India Ltd (COAL.BO)

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Latest Key Developments (Source: Significant Developments)

Greenpeace Approaches SEBI Against Coal India Ltd-Business Standard
Monday, 23 Sep 2013 09:36am EDT 

Business Standard reported that Global environmental lobby group Greenpeace filed a complaint with market regulator SEBI against Coal India Ltd alleging that the coal miner, which is slated to go in for a disinvestment soon, has overstated its extractable reserves by a good 16%.  Full Article

Coal India Ltd To Acquire IOC Explosives Arm For Supplying Ammonium Nitrate-Business Standard
Wednesday, 11 Sep 2013 06:25am EDT 

Business Standard reported that Coal India Ltd has lined up a dual strategy to meet its demand for explosives. The Company is set to acquire Indian Oil Corporation's explosives division and would also become a supplier of ammonium nitrate, so that manufacturers can produce it for them on a contractual basis. The terms of the transaction were not disclosed.  Full Article

Trade Unions of Coal India Ltd Decide To Slap Three Days Strike Notice Opposing Government's Proposal To Divest Shares-Business Line
Tuesday, 6 Aug 2013 08:00pm EDT 

Business Line reported that the trade unions of Coal India Ltd decided to slap three-days strike notice opposing the Government's proposal to divest shares in the public sector miner. All the unions have agreed to declare strike from September 19-21. Coal India workers are represented by five trade unions; INTUC, HMS, BMS, AICWF and AITUC. Other than INTUC, all the four unions have decided to go on strike. The INTUC workers are yet to make a final decision on participating in the strike. According to the unions, the stake sale would adversely impact its workers across 35 districts in the country. There are nearly 3.5 lakhs permanent workers in Coal India, in addition to another 2 lakh contractual employees. AICWF claims that the strike declared by it would mean 70-80%of workers not working. In addition to opposing the share sale, the workers want coal mining to be given infrastructure status. Also, they want captive mines allocated to the private sector that have not been explored to be allocated to Coal India.  Full Article

Coal India Ltd Trade Unions To Serve Strike Notice-Business Standard
Monday, 5 Aug 2013 04:16am EDT 

Business Standard reported that Trade union going to serve a strike notice to the management of Coal India Ltd against a government proposal to offload 5% stake in the Company. The strike, to begin in the first week of next month, will disrupt the Kolkata-based miner’s to ramp up stagnating production and the government’s efforts to meet its disinvestment target of INR40 billion for the current financial year.  Full Article

Coal India Ltd And NTPC Sign Fuel Supply Pacts For 16 Power Plants-Business Standard
Friday, 26 Jul 2013 07:35am EDT 

Business Standard reported that Coal India Ltd signed fuel supply pacts with NTPC's 16 power plants and joint ventures, while 11 more agreements with the power major and its JVs are being processed. The Company has signed 82 FSAs of 34,793 MW capacities. These include 11 FSAs with NTPC and 5 FSAs with its joint ventures. Besides this, FSAs in 6 cases of 4,480MW capacity with NTPC and 5 cases of joint ventures of NTPC are under process of signing  Full Article

Coal India Ltd Mulls Buying Stake In Three Coal Properties In Australia-Business Standard
Tuesday, 16 Jul 2013 10:44am EDT 

Business Standard reported that Coal India Ltd announced that it is evaluating buying stakes in three coal assets in mineral-rich Australia to bridge the shortfall in its domestic production. The Company is planning to invest INR6 billion in foreign acquisitions this financial year.  Full Article

NTPC Ltd And Coal India Ltd To Sign Fuel-supply Agreements-The Economic Times
Tuesday, 25 Jun 2013 04:33pm EDT 

The Economic Times reported that NTPC Ltd has resolved its public spat with Coal India Ltd over quality and payment terms, and agreed to sign fuel-supply agreements with the state monopoly a year after the deal was first offered. NTPC's board has approved the fuel pact, setting the stage for other firms to sign similar agreements. Many producers were waiting for NTPC to resolve the issues with Coal India, because the state utility, being a large customer, has much stronger negotiating power than others. Coal India's board is now scheduled to consider the fuel pact on June 26, 2013, after which the final agreement will be signed, company executives said.  Full Article

Coal India Ltd In Talks To Acquire 2 Australian Assets For $4 Billion-Reuters
Sunday, 16 Jun 2013 12:59pm EDT 

Reuters reported that according to The Economic Times Coal India Ltd (CIL) is seriously considering acquisition of two Australian companies for over $4 billion (about INR23,000 crore), a move that will enable it to import 28 million tonnes high quality thermal coal a year. CIL has sent the proposals to pick majority stakes for $2 billion each in the two companies, with annual output of 12 million tonnes and 16 million tonnes, respectively, to the Company's foreign acquisition committee.  Full Article

Government To Go Ahead With Coal India Ltd Disinvestment-Business Standard
Thursday, 13 Jun 2013 05:52am EDT 

Business Standard reported that the government will go ahead with the 10% stake sale of Coal India, which may fetch INR200 billion to the exchequer, and the Coal Ministry will talk to the Trade Unions to sort out issues.  Full Article

Aditya Birla Group, Coal India To Eye Bids For Rio Tinto Plc's Coal Assets-Business Standard
Monday, 10 Jun 2013 10:45pm EDT 

Business Standard reported that according to people familiar with the matter told Reuters that Aditya Birla Group, Coal India Ltd and China's state owned Shenhua Group Corp Ltd are among companies considering bids for some of Rio Tinto Ltd's Australian coal assets, valued at an estimated $3.2 billion. Rio Tinto , led by new chief executive Sam Walsh, is offloading a string of assets to help cut its $26 billion in debt and protect its single-A credit rating. It is also looking to cut its exposure to the coal industry, which has been squeezed by surging costs and a 30% slump in prices since early 2012. This has given potential suitors the opportunity to bulk up on good quality coal assets and secure supply agreements. Rio Tinto is selling a 29% stake in its Coal & Allied business and its majority stake in the Clermont mine in Queensland state, with preliminary bids due this week, one person with direct knowledge of the matter said.  Full Article

Modi's divide and rule weakens Coal India unions as strike looms

NEW DELHI, Nov 20 - A rift between the five powerful labour unions at Coal India Ltd is set to clear the way for Prime Minister Narendra Modi's government to complete a stake sale in the state company that is critical to hitting budget targets.

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