The government of India still owns a majority share of Coal India Limited after selling off a 10% stake earlier this year to raise revenue. Now it’s looking to offload even more shares of the company to private investors — but critics of the company are warning that the company’s share price comes with ties to numerous unresolved environmental and human rights abuses.
Before any shares can be sold, the Indian government needs to hire someone to bring them to the market. Environmental and social justice activists have warned the banks that if they're considering doing business with Coal India, they might want to familiarize themselves with the experiences of the last banks that worked with the company.
This is a guest post by Andy Skuce.