NEW DELHI : India is considering a plan to raise as much as ₹20,000 crore ($2.7 billion) 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 budget goals.
