Partha S Bhattacharyya, the outgoing chairman of Coal India, is probably best described as the man who led the company's transition from the world's largest coal miner to the country's fourth largest company in terms of market capitalisation.
As Partha S Bhattacharyya steps down as CMD, the search for a successor is being keenly watched.
There is a strong hint that the proposed IPO will be of 11 per cent instead of the earlier plan of 15 per cent (10 per cent public, 2 per cent employees and 3 per cent land losers).
Coal India said 52 global companies have expressed interest in partnering with it for acquiring mines overseas, especially in Australia, Mozambique and Indonesia.
The country's largest coal producer Coal India on Thursday said it will facilitate opening of demat accounts for its 4 lakh employees to ensure their participation in the upcoming public issue which is likely to fetch around Rs 12,000 crore (Rs 120 billion) to the government.
State-owned Coal India is expected to seal deals worth $1.8 billion (about Rs 8,000 crore) with foreign firms in the next two months for mining coal abroad.
Currently, the government holds 100 per cent stake in the PSU and plans to offload 10 per cent equity through the IPO, which will offer 63.16 crore (631.6 million) shares.
In fact, the 9 per cent growth story cannot happen without coal, which fires over 50 per cent of the country's installed power capacity, says Partha S Bhattacharyya.
Coal India achieved a staggering production of 536.51 million tonnes during the financial year ended March 31, 2016
Finance Minister Arun Jaitley has said the larger interest of the public sector would be fully protected.
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