McKinsey, Crisil among 9 in race for CIL recast

The government has shortlisted nine consultants out of 17 that sought the mandate to restructure Coal India.

The consultants are Deloitte Touche Tohmatsu, McKinsey & Co, A T Kearney, Ernst & Young, KPMG, ICICI Securities, Crisil, Mazars and IMC-SRG Consulting.

The shortlisted entities have to submit their bids by July 18. Technically qualified bidders will be shortlisted by July 22.

Financial bids will be opened on July 29 and a consultant will be appointed on August 19.

The process began in January when the coal ministry invited expressions of interest of EoIs to suggest ways to restructure the behemoth.

The EoIs were examined by a six-member committee comprising mostly ministry bureaucrats.

Led by D N Prasad, projects advisor, the committee included only one person from Coal India –  A K Debnath, a director with subsidiary Central Mine Planning and Design Institute based in Ranchi.

The committee prepared the first shortlist on Thursday. It will prune that further before finalising a consultant which would examine recommendations of various committees and the Planning Commission on restructuring Coal India.

It will look at the current management structure,  competition laws, the Companies’ Act and regulations of the Securities and Exchange Board of India before offering suggestions.