The Indian government is planning to launch an initial public offer (IPO) and subsequent listing at stock exchanges for two wholly-owned subsidiaries of state-run Coal India Limited (CIL), government sources said on Friday, February 23.
According to the sources, the IPOs would be launched for Bharat Coking Coal Limited (BCCL), the country’s largest coking coal miner, and mining consultancy firm Central Mine Planning and Development Institute Limited (CMPDIL), both wholly-owned subsidiaries of CIL.
In 2022, the government had announced that it would divest 25 percent of equity in BCCL in favor of a private investor and list its shares at stock exchanges.
However, reversing the process, the government now plans to go ahead with offering equity shares of BCCL to public and financial institutions through an IPO and then list the shares at stock exchanges.
BCCL produces an average 56 million mt of coking coal per year from 38 mines, meeting around 50 percent of domestic coking coal demand.