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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Singapore Asia Pacific World India's 'King Coal' sale to raise billions AFP - Sunday, October 17 Send IM Story Print India's 'King Coal' sale to raise billions MUMBAI (AFP) - – India is set to launch its largest ever share sale in a public company this week as the government looks to raise 3.5 billion dollars with the divestment of 10 percent of Coal India. The group is the world's largest coal miner, producing over 80 percent of India's coal through 471 mines across eight states. It also holds the largest extractable coal reserves in the world with over 22 billion tonnes, ahead of rivals state-run China Shenhua Energy and the world's largest private miner Peabody Energy in the United States. Coal currently accounts for more than half of India's energy use and consumption is set to increase as the country's economic development accelerates in energy-intensive sectors such as steel and cement manufacturing. India's demand for coal has outstripped domestic supply, resulting in a 20-percent rise in imports each year since 2005. "The company enjoys a monopoly over a strategic asset. It has mining experience of three decades and it is priced well," commented Pramod Gubbi, director with global investment bank Execution Noble. The company posted a net profit of 96 billion rupees (2.1 billion dollars) for the year to March on revenue of 525 billion rupees. Profits could rise by a quarter and revenues by 14 percent in the fiscal year to March 2011, its finance director A.K. Sinha told reporters ahead of the initial public offering (IPO). India's largest IPO so far was the 2.46 billion dollars raised by billionaire Anil Ambani's Reliance Power in January 2008, according to the Prime Database, which tracks share offerings in India. "This is a very strong asset, something that people want to be associated with," Kaku Nakhate, country head (India), Bank of America-Merrill Lynch, said last week. The company also has overseas expansion plans and has earmarked 1.3 billion dollars this fiscal year to acquire foreign mines in the United States, Australia and Indonesia. At least 10 proposals are under scrutiny. A total of 631.64 million shares are on sale at a price that will be set somewhere between 225 and 245 rupees (5.0 to 5.5 dollars) a share. Retail and institutional investors will be able to start applying for shares from Monday to Thursday, with the company set to list on the Mumbai stock exchange on November 4. The divestment is part of New Delhi's plan to raise a record 8.5 billion dollars by March next year from selling sales in public companies, with the proceeds to be used for social programmes and reducing the budget deficit. Other state-run firms like Manganese Ore, Power Grid, Hindustan Copper and Steel Authority of India have plans for share sales by the year-end. India's central bank will also closely monitor investor interest in the IPO which is expected to attract foreign investors and lead to a surge in dollar inflows into India. This is predicted to push the Indian currency up at a time when the rupee is at a two-year high against the dollar. Exporters are already concerned that their competitiveness will be hurt as a strong rupee makes Indian exports more expensive. Despite the obvious interest in the share sale, there are potential risks for the company and investors. Coal India faces delays in winning clearance for new projects because of environmental concerns. It must also meet legislation designed to protect tribal groups and forests where many of its reserves are located. Furthermore, a strengthening left-wing rebellion by Maoist insurgents in many states in India is hurting its plans to ramp-up production. Recommend Send IM Story Print Related Articles US-BUSINESS Summary Reuters - 23 minutes ago BHP and Rio seek merger exit without break fee: report Reuters - 24 minutes ago BHP, Rio seek merger exit without break fee -paper Reuters - 30 minutes ago Yemeni planes bomb al Qaeda in south after ambush Reuters - 43 minutes ago Arabtec sees 2010 revenue of $1.5-1.7 bln - CEO Reuters - 1 hour 4 minutes ago News Search Top Stories Cuts will haul UK back from edge: finance minister Blonde or brunette? 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