Coal India Ltd targets Navratna status

Kolkata, Jun 24: Coal India Ltd (CIL) is aggresively vying for the Navratna status.

The company will be appointing five independant directors by next week.

Coal India Chairman Partha Sharathi Bhattacharyya told sources that the company had already achieved the "mini-Ratna" status. However, by the rule, they would have to wait for three years before getting the Navratna status.

''We have urged the Coal Ministry as well as the Heavy Industies Department, which formally offers the Navratna status, to waver the three year mandatory rule and directly give us Navratna. We meet all the financial criteria needed for achieving the Navratna status, including profit margin of Rs 8,000 crore,'' he said.

When asked about the proposed five per cent equity divestment, Mr Bhattacharyya said that it will take some more time. He indicated that the divestment process would be completed within the 11th Plan Period.

The Centre has set the target for CIL to achieve 520 million tonnes coal production at the end of 11th Five Year Plan.

CIL has produced 361 million tonnes in the 10th Plan Period. For this year, the government has set a growth target of 6.1 per cent per annum.

UNI