homebusiness Newscompanies NewsCoal India OFS surges beyond expectations, anticipated revenue of Rs 4,000 crore: DIPAM Secretary
Coal India OFS surges beyond expectations, anticipated revenue of Rs 4,000 crore: DIPAM Secretary
Speaking to CNBC-TV18, Tuhin Kanta Pandey expressed satisfaction with the outcome of the OFS. He highlighted the stability of the market and the robust growth of the Indian economy, stating that despite several challenges, the growth forecast for FY24 remains optimistic.
Coal India, the state-owned mining company, has successfully completed its Offer For Sale (OFS) and is set to receive over Rs 4,000 crore in revenue from the transaction. The sale was well-received by investors, indicating a positive sentiment towards the company and the Indian economy as a whole.
Speaking to CNBC-TV18, Tuhin Kanta Pandey, Secretary of the Department of Investment and Public Asset Management (DIPAM), expressed satisfaction with the outcome of the OFS. He highlighted the stability of the market and the robust growth of the Indian economy, stating that despite several challenges, the growth forecast for FY24 remains optimistic.
Pandey also emphasised the upward trend in government capital expenditure (capex) and the continued strong performance of some Central Public Sector Enterprises (CPSEs). He commended the CPSEs for their consistent payment of interim and final dividends, which he stated were an important aspect of the government's strategy.
"You would have seen several CPSC who have declared results, even the final dividend, but more than the final dividend, I think even at the interim stage, they have been giving a fair amount of dividend."
In addition to the Coal India OFS, Pandey provided updates on other upcoming disinvestments.
He mentioned that the issues related to the registration of Bharat Earth Movers Limited (BEML) with the Kerala government have been resolved, and financial bids for BEML will proceed once land clearances are obtained from the state.
DIPAM Secretary stated, "Regarding BEML, I believe there have been certain last-mile clearances that need to be organized by the Government of Karnataka. Specifically, there was an issue with the Government of Kerala regarding land and its registration, but that has now been resolved. However, there are still some remaining issues with Mysuru, which need to be addressed by the Government of Karnataka. I anticipate positive progress in this matter, considering the court judgments and other factors."
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