Indian state-run miner Coal India has shortlisted nine companies of 17 applications it received for the appointment of advisors for restructuring of the mining company.
Coal Ministry had planned to initiate restructuring process in order to improve the mining company’s productivity in the wake of high demand for coal and also make the coal sector competitive.
McKinsey, KPMG, Ernst & Young, Deloitte and Crisil were among the companies that applied for the process. However, the ministry has declined to name the shortlisted firms.
The Economic Times has quoted a person familiar with the developments as saying that the ministry has already held a pre request for proposal (RFP) and is expected to finalize RFP by June-end.
The ministry has called in for applications in January after informing the Prime Minister’s Office about the plans to appoint consultants with international expertise and frame time-period for restructuring process.
The restructuring was planned by the Planning Commission and various high-level panels, including Expert Committee on Road Map for coal sector reforms. It suggested diverging CIL subsidiaries into separate entities to improve the performance with each one focusing on its own goals, amidst growing supply deficit of coal.