Partha Sarathi Bhattacharyaa - When Coal Turned Gold: The Making of a Maharatna Company

In this book, Bhattacharyya traces the history of Coal India Limited while focusing in detail on the background and process of going in for the IPO which enabled the true value of Coal India Limited to be unlocked

A.P.V.N. Sarma

advisor to the Governor of Telangana

The book covers much more than the IPO. It contains an invaluable analysis of the vital coal sector of the country and the environment in which our public sector enterprises have to function. Through various episodes, the narrative reveals (often unintentionally) how all of us in the government have continued to come in the way of the ideal of an effective, independent management and empowered board supervision. A compelling read, this book holds lessons for all those who are involved in currently shaping the policies and processes for both the coal sector and our PSEs

Sumit Bose

former finance secretary, Government of India

Bhattacharyya is a consummate professional, thinker and strategist whose contribution to the transformation of Coal India Limited and unlocking its true value has been immense. This book is a compelling reading, an insiders account of the evolution of Coal India Limited that is inspiring, fascinating and impressive. It provides great insights into the working of PSUs in India and the challenges that they face

Vivek Mehrotra

former secretary, Government of India

From presiding over the turnaround of BCCL, one of the chronic problem-ridden subsidiaries of CIL, Bhattacharyya came to be selected for the position that he himself alludes to as the hot seatCMD, CIL. This was at a juncture when Indias power sector was undergoing a transformative change. The book accurately captures the years that were eventful, exhilarating and tumultuous in near equal measure. A riveting account of the years during which CIL moved rapidly to become a Miniratna public sector company to being conferred the coveted Navratna status and following it up with the blockbuster public offering of CIL shares, the book is a fascinating read and tells the story as it unfolded, without holding back on some of the setbacks and stumbling blocks encountered along the way

C. Balakrishnan

former secretary, ministry of coal

The book provides the reader an insight into the realities of Indias highly regulated coal industry. It is an inspiring story of a public sector company raising its status from Miniratna to Navratna, culminating in one of the greatest IPOs of all times in Indian history. The story is brought alive through the eyes of an ex-CMD of CIL who led the transformation and the deal. It is the story of a person who I knew as a DGM when he dealt with the bank on behalf of CIL and who, I had predicted even at that time, would become the CMD

Arundhati Bhattacharya

former chairman, SBI

The turnaround of CIL from being a government-owned company to one which suddenly found a place in the market and sent shock waves throughout the world was almost like the arrival of a superstar. The resounding success of the IPO was far beyond the expectations of most of us who were intensely involved in the exercise. The book brings out this uniqueness of the Coal India Limited IPO in a very readable and informative way

Alok Perti

former secretary, ministry of coal

Whenever I used to meet senior officers from other ministries, I would invariably be asked about Bhattacharyya and how he had led the organization to an enormous level of success. I compliment Partha Bhattacharyya on capturing in detail the evolution of Coal India Limited and putting it on record for the benefit of posterity

Ajay Bhalla

secretary, ministry of power

former joint secretary, ministry of coal

The narrative captures the saga of disinvestment of a sensitive public sector unit, and the agony and ecstasy associated with the process, leading to Indias biggest IPO in 2010. The two distinct yet intertwined growth stories of the company and its CMD are inspirational and worth emulating

Kalpana Mittal Baruah

additional secretary, cabinet secretariat

former joint secretary, department of disinvestment

The book is a succinct description of the efforts needed and the ups and downs involved in getting the duckling to fly, to allow it to reach new heights as a nationally and internationally respected company, and to crown all these efforts with a successful IPO. The book is also a testimony to the outstanding leadership of Bhattacharyya. The discussions between the officers of Coal India Ltd and the World Bank missions during the preparation for a $1 billion joint World Bank-JEXIM loan became a stepping stone for the take-off of Coal India Limited.

I recommend this book to all who have an interest in the Indian coal sector and those who would like to learn more about out-of-the-box decisions when faced with difficult managerial challenges. Since the book contains a fascinating account of the complex interactions between the Indian government and one of its largest public sector enterprises, reading it would benefit anyone contemplating investments in the public sector

Peter Pollak

principal operations officer (retd), World Bank

Dedicated to the memory of my late father, Benoy Krishna Bhattacharyya, an eye surgeon and an Indian National Army (INA) veteran, and my late mother, Ashima Bhattacharyya, who reared my brother and me single-handedly after my fathers premature demise