Kolkata: The board of Coal India Limited (CIL) on Tuesday approved the listing of two more wholly owned subsidiaries—Mahanadi Coalfields Limited (MCL) and South Eastern Coalfields Limited (SECL)—paving the way for their initial public offerings.
The approvals were granted through circular resolutions. CIL informed stock exchanges that in-principle clearance for SECL’s listing will be forwarded to the Ministry of Coal for onward submission to the Department of Investment and Public Asset Management (DIPAM). A similar communication was issued regarding MCL.
The development comes as the IPO of Bharat Coking Coal Limited (BCCL) is expected to hit the market soon. During the company’s AGM earlier this year, the CIL chairman said roadshows were being planned for IPOs of BCCL and Central Mine Planning and Design Institute (CMPDI). Draft papers for the two offerings were filed with Sebi in May and June, respectively. Both IPOs are proposed as offers for sale, with Coal India planning to offload up to 7.1 crore shares in CMPDI and up to 46.5 crore equity shares in BCCL, without any fresh issue. Market sources indicated that the BCCL IPO is likely to be the first to be launched.
On the bourses, CIL shares rose 3.5% on Tuesday to touch ₹400.
In operational terms, MCL remains one of Coal India’s largest subsidiaries, producing 225 million tonnes of coal and achieving a record dispatch of 210 million tonnes in 2024–25. The company reported revenue of ₹36,606 crore and a profit after tax of ₹10,823 crore, with a net worth of ₹18,278 crore. Its operations are largely dominated by open-cast mining, with minimal output from underground mines.
SECL, meanwhile, produced 167 million tonnes of coal during the same period, including over 11 million tonnes from underground mines. It posted revenue of ₹35,871 crore and a PAT of ₹4,648 crore in 2024–25, and has a net worth of ₹16,870 crore.
