As the date for the Supreme Court's decision in the coal allocation case draws near , power minister Piyush Goyal says they will not interfere with court's decision, but makes it clear that they are not making a case for exemption for any player
On e-auction, he says that the government is very clear that one company's profits can't be more important than the greater good and a cut in Coal India 's e-auction volumes is almost a done deal.
Below is the verbatim transcript of Piyush Goyal's interview with CNBC-TV18's Shereen Bhan. For the complete interview watch the accompanying videos
Q: The many achievements that you have listed in your report card. The achievements during the first 100 days and you also spoke about how this has been a trail by fire for you, your initiation into these ministries has been trial by fire but would you say that your real test will start on September 9 when the Supreme Court passes its verdict on what it intends to do as far as coal block allocation is concerned?
A: Why I am on test every single day and September 9 will be one more day in that stream of days. I am in fact very much hoping that September 9 will show some finality to this long pending dispute. I do hope on September 9 the decision is final and I am able to move forward so that I can find solutions to this big problem of increasing the coal production and reduce our dependency on imports and increasing the generation of power. So, I am in fact eagerly looking forward to this date.
Q: I don't expect you to pre judge what the Supreme Court is going to say but I want to quote from your own booklet where you say that the government is ready with a plan to expeditiously and transparent the auction block subject to the outcome of the Supreme Court's judgement. What are the scenarios that you are working with the worst case scenario I would imagine Supreme Court saying that all 218 blocks have to go? What is the best case scenario that the government is hoping for?
A: I have no worst case or best case whether they deallocate all 218 or any number of them. For me, I am agnostic to the decision.
Q: Can you really be agnostic given the fact that this is going to disrupt the economy?
A: I can assure you nothing will get disrupted. We value and respect the judgement of the honourable Supreme Court. I am sure the Supreme Court is seized of all the ground realities, they asked us to present information about the blocks which are already producing or which are ready to produce, which we shall furnish to the court.
As far as the Government of India is concerned, we certainly do not want to suggest any particular course of action. Once the Supreme Court makes up its mind, what it wants to do. We will expeditiously get into the act of taking the process forward in a transparent and honest manner to discover the price given to people who deserve it, who are most competitive in their proposals and in that process I am confident, if at all there is a disruption we will keep it to the bear minimum. In any case these coal blocks produced barely 37 million tonne last year and maybe 50-52 million in the current year. So, there will be a certain short-term disruption but in the medium to long-term we will be able to open up many more mines much faster. However, for the last many months now we have not been able to give mining leases, we have not been able to open many new mines which are ready to produce. I think all of that can get expedited.
Q: How quickly will you be able to undertake auctions if indeed the court cancels 218 or exempts the 46 that you are hoping that the court will exempt?
A: I would like to correct you that I am not hoping they would exempt any particular blocks – that has not been the case of the government either in the hearing on the 1st or in the hearing on the 9th, we are not hoping for any particular dispensation for a set of people. We are only looking for finality of the process.
Coal India stock price
On September 08, 2014, at 11:10 hrs Coal India was quoting at Rs 372.15, up Rs 0.90, or 0.24 percent. The 52-week high of the share was Rs 423.50 and the 52-week low was Rs 240.50.
The company's trailing 12-month (TTM) EPS was at Rs 20.04 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 18.57. 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 14.29.
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