Career bureaucrat Sutirtha Bhattacharya, chairman of India's second-largest coal producer Singareni Collieries, will take over as the head of its bigger rival ahead of a key meeting at Coal India's headquarters on December 30, the officials said.
Coal India Ltd will get a new chairman in the next few days, two officials with direct knowledge of the matter said, as the state-owned miner readies a plan to double its output in four years amid a severe shortage that has crippled power plants.
Career bureaucrat Sutirtha Bhattacharya, chairman of India's second-largest coal producer Singareni Collieries, will take over as the head of its bigger rival ahead of a key meeting at Coal India's headquarters on December 30, the officials said.
The world's largest coal miner by output has been without a full-time chairman since June. The appointment comes at a time when the Narendra Modi government is trying to sell a 10 percent stake in the company and break its near-monopoly by allowing private firms to mine and sell coal.
The officials did not want to be named before an announcement, which may come as soon as this week, but said the meeting is to discuss a detailed plan to raise output to 1 billion tonnes.
Under Bhattacharya, Singareni, majority owned by the state of Telangana, has been able to easily beat its production targets, unlike Coal India that has not met its target for the past several years.
Disruptions by worker unions, a lack of adequate railway lines and less use of machines have dragged Coal India's output. Its unions have threatened to go on a five-day strike starting January 6, opposing the divestment plan and opening up of the industry for the first time in 42 years.
Coal India stock price
On December 10, 2014, Coal India closed at Rs 367.40, up Rs 0.55, or 0.15 percent. The 52-week high of the share was Rs 423.85 and the 52-week low was Rs 240.50.
The company's trailing 12-month (TTM) EPS was at Rs 21.06 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 17.45. The latest book value of the company is Rs 26.04 per share. At current value, the price-to-book value of the company is 14.11.
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