When Coal Turned Gold: The Making of a Maharatna Company

by Partha Sarathi Bhattacharyaa

Coal India Ltd (CIL) contributes to about 82 per cent of India's coal production. In When Coal Turned Gold, former chairman and managing director of CIL, Partha Sarathi Bhattacharyya, tells the story, warts and all, of how he dealt with the Dhanbad coal mafia, how he changed the way the industry was perceived, how he dealt with the trade unions and the government and, most importantly, how he was able to script one of the greatest success stories the country had ever seen.

179 pages, Kindle Edition

Published August 21, 2018

Reviews

[Rashmi · Rating 4 out of 5]

I picked up the book because I am a resident of Dhanbad and I wanted to know more about Coal and what goes behind the scenes...I was on a spree of reading autobiography and this was one of the recommendations from Amazon.....the book makes more sense for people those are associated with Coal world and aware of the challenges and problems of BCCL...Managing PSU is a task and managing it well is an achievement for sure....I didn't get all my answers from this book but I learnt a lot about PSUs management in the country & the amount of power it holds on the lives of people....loved the writing style too...it was not boring given the subject it tackled...and at the mention of Jharia and Dhanbad, my senses were on high alert....

[Sudarshan Varadhan · Rating 3 out of 5]

It was fascinating to read about the humble origins of the state-run giant, now the world's largest coal miner. The story of Coal India is one which could offer hope to companies, especially those run by the government, which are currently considered beyond reform due to mounting losses. The story of how the author played a part in turning it around is sure to be great learning for heads of financially stressed companies such as Tangedco and other power distribution companies in the country. Some anecdotes like how a foreign trip and a stint at Harvard were sponsored by the government, even when CIL was running into losses, shows how political could do wonders for government owned companies, and create value for the country, employees and shareholders.

However, I hope the book had been written better. If you don't follow the Coal and power sector in India, you could find it tough to get past many industry and bureaucratic jargon. Some words typical of the Indian bureaucratic internal communications, presumably instilled in the author after years of working for the Indian government, could have been avoided to make it easier for those not acclimatized with the sector.

The story of how Coal India was self sufficient and tapped into in-house talent for IPOs, how officials negotiated with adverserial local politicians, and how an entire forex focused team was created to deal with bonds abroad was fascinating to read about, and paints a picture of a modern company even in the 80s and 90s, as opposed to the tainted, rickety ship the private industry has always wanted it to look like. Working with the burden of political limitations and still satisfying most stakeholders is difficult, and to do it consistently for five decades is a phenomenal achievement indeed.

[Srinidhi Mishra · Rating 4 out of 5]

Before, you read the review of the book written by me, a little bit introduction of mine is necessary. I am an MBA from Banaras Hindu University and an executive in Coal India Limited for more than 6 years. So, I certainly understand the concept of management and as well as the inherited issue of Coal Industry in general and CIL in particular.

I got to know about this book from none other than the author -Shri P.S.Bhattacharya through his social Media interactions. Being a member of coal fraternity, we have heard so much about the most successful chairman of CIL, Shri P.S.Bhattacharya aka Partho Bhattacharya as we in CIL like to call him.

It is a coincidence that I read this book in-route on a flight at an official tour. I finished this book in 2 sittings. I have read many books about the change of fortune of big corporations/MNCs by popularly acclaimed corporate geniuses. I did not find this book as a corporate account, it felt like a journey of sportsperson likes of “CHAK DE INDIA” or “REMEMBER THE TITANS”. It felt like a makeover of an underdog joining the league of champions and it literally was like this, from a non-status company to most valued company of India and a MAHARATNA.

Read full review at http://pehlu.com/when-coal-turned-gol...

[Alok Agarwal · Rating 4 out of 5]

I am lucky to have noticed this book and immediately started reading it for primarily 2 reasons, my acquaintance with many characters in the book and my interest in corporate India. I must say that I have not read any other PSU bigwig writing his memoir in such a lucid and easy to read fashion. As Partha da has rightly said that this book shall become not only a manual for future executives of Coal India but also any state owned company. I have only 1 grouse about this book, it would have been better if there was a little more about early childhood and college days of Partha da to get better understanding of the cultural backdrop of the book.

[Aman · Rating 2 out of 5]

Things I liked:
1. A nice story about the origin of one of India's biggest publicly traded company

Things I didn't like:
1. Should have been more about the IPO story rather tha having only 1 chapter dedicated in the book
2. The language is very dry, like a newpaper article, makes sense though there are several newspaper clippings inserted in the text
3. More of author's story rather than the story of CIL

[Bhuvanesh Kandasamy · Rating 3 out of 5]

The book shares the story of how Coal India had transformed from being a unprofitable PSU to profitable after nationalization of the coal assets. The author touches upon the challenges of the industry and what needs to be done to ensure energy security because of India's abundance in Coal and push towards renewable energy in the future. I felt the book could have been made simpler as some terminologies was difficult to understand from a layman's perspective.

[Rahul Jain · Rating 5 out of 5]

Partha Bhattacharya shares his immense experience at Coal India in a candid and very easy to read book. Corporate stories can be a bit tedious but Partha has given a very personal touch to book with his personal anecdotes and really shows he put his soul in the company. Brilliant read. Thank you.