The author of When Coal Turned Gold ParthaSarathi Bhattacharyya was a former Chairman and Managing Director of CIL (Coal India Limited). In his book, he tells the story of how the CIL joined the elite club of Maharatna PSUs after a resoundingly successful IPO. Along with this, he remembers the time when he dealt with the Dhanbad coal mafia and changed the way the coal industry was perceived.
Here are a few things about the author to get you to know him better:
In When Coal Turned Gold ParthaSarathi Bhattacharyya tells the story of how he was able to script one of the greatest success stories the country had ever seen.
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A Timeline of the Making of a Maharatna Company
In When Coal Turned Gold, former Coal India Limited (CIL) chairman and managing director Partha Sarathi Bhattacharya, tells the story of the amazing journey of India’s largest coal-mining company; its ups and downs and the stupendous effort it took the company to reach its present stature.
Here are major events and milestones that led to the company’s transformation:
1975-91:
The company reversed the CAGR of coal production from less than 2 per cent during the pre-nationalization period to over 5 per cent post-nationalization.
2005:
After being granted permission for a trial by the Prime Minister’s Office (PMO), e-auctions were introduced in BCCL for the first time in the country.
2008-09:
The average manpower declined to 4,19,214 from 5,74,477 in 1999-00, while coal production grew from 261 MT to 404 MT during the same period. This led to the OMS nearly doubling from 2.10 in 1999-00 to 4.09 in 2008-09.
2011-12:
CIL was valued at Rs 1,52,000 crore. The valuation was in excess of the government’s expectation by a whopping Rs 52,000 crore.
Nevertheless, within minutes of listing, the valuation crossed Rs 2,00,000 crore mark, making CIL the most valued coal company in the world in terms of EV as a multiplier of EBITDA at close to nine.
CIL became a Maharatna company.
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When Coal Turned Gold captures in detail the evolution of Coal India Limited and unfolds the challenges faced and insightful strategies applied, by the company along its path to success.
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