The Union Cabinet gave its approval for the Government to sell 10 per cent of its stake in Coal India. The stake sale will bring down the Government’s holding to 69.65 per cent from 79.65 per cent currently.

The timing of the Coal India stake sale will be decided by the Finance Minister, Piyush Goyal, Minister of State (Independent Charge) for Power, Coal and New & Renewable Energy said after the cabinet meeting on Wednesday.

At Wednesday’s closing share price of ₹ 333.75, the sale will fetch the Government a little over ₹ 21,000 crore. This would be less than the ₹22,557 crore mop-up from the last time the Government sold a 10 per cent stake in Coal India on January 31, 2015.

Rail, infra projects

The Cabinet on Wednesday gave Highway Ministry the power to extend the toll collection of projects that are stuck due to delays in land acquisition, among others. Earlier, for extension in each such project, a Cabinet approval was required, said Goyal.

He also said that in case the project costs go up due to land acquisition costs, then the ministry does not need a separate Cabinet nod. But, if the civil construction cost goes up, a separate nod will be required.

Additionally, the Cabinet approved five railway projects – including one railroad bridge project in Munger, two connectivity projects in Odisha and two in Andhra Pradesh.

Cochin Shipyard IPO

The CCEA approved issue of initial public offer of Cochin Shipyard Limited, apart from Home Ministry’s proposal for a major revamp of Crime and Criminals Tracking Network and Systems (CCTNS).The Cabinet has decided to implement Integrated Criminal Justice System by integrating CCTNS with e Courts.

It also approved a proposal to provide relief to migrants of the hilly areas of Jammu division, at par with Kashmiri migrants. The proposal aims to provide state Government jobs and transit accommodations in Kashmir Valley for rehabilitation of Kashmiri migrants.

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