Coal India Ltd., the nation’s biggest producer of the commodity, cut output across its operations after a federal order to keep explosives from terrorists halted shipments of the material that’s also central to mining.
India plans to accelerate sales of state companies to meet the fiscal-year goal of 400 billion rupees ($7.4 billion) by December, two finance ministry officials with direct knowledge of the matter said.
A panel of Indian lawmakers proposed dropping a clause from planned mining laws that requires coal and lignite companies to share their profits with local communities and pay for development projects where they operate.
Coal India Ltd.’s employees plan to go on an indefinite strike should the government proceed with a plan to raise 200 billion rupees ($3.7 billion) selling shares in the world’s biggest producer of the fuel.
India plans to raise 200 billion rupees ($3.7 billion) selling part of its stake in Coal India Ltd., the world’s biggest producer of the fuel, and narrow the widest budget deficit among major emerging economies.
Coal India Ltd., which failed to use any of its $12 billion cash to buy mines overseas in the past five years, is renewing efforts as demand soars from power producers, said two people familiar with the plan.