LIC buys additional 2% in CIL

Additional 2% stake was bought by LIC in Coal India Limited.  As communicated to the Bombay Stock Exchange, LIC has bought 12.47 crores, increasing its stake in CIL to 9% from 7%. The 2% stake amounts to Rs. 3,500 crores at a closing price of Rs. 285.70 per share. Addressing the 43rd foundation day of Coal India, Union coal minister Piyush Goyal expressed hope that Coal India would be able to achieve its production target of 600mt this fiscal. 231.87 million tonnes of coal had been produced in the first 6 months of 2017-18. Mr. Susheel Kumar, Coal Secretary informed that the ministry had fixed four priorities for the miner – quality, safety, environmental management and clean coal technologies.