In a significant push to enhance governance and accountability within the public sector, the Prime Minister's Office (PMO) has issued a directive to the Ministry of Coal. The mandate requires the ministry to map and facilitate the stock exchange listing of all subsidiaries under the state-run behemoth, Coal India Ltd (CIL), by the year 2030.
The Strategic Push for Transparency and Value
According to highly placed sources, this strategic move is designed to streamline corporate governance, inject greater transparency into the operations of the coal major, and unlock latent value through systematic asset monetisation. Coal India Ltd, which accounts for over 80% of domestic coal production, operates through a network of eight subsidiaries. The PMO's instruction explicitly aims to list all these "arms" of CIL within the stipulated timeframe to improve the overarching governance framework of the company.
Subsidiaries in the Spotlight
The eight key subsidiaries of Coal India are: Eastern Coalfields Ltd, Bharat Coking Coal Ltd (BCCL), Central Coalfields Ltd, Western Coalfields Ltd, South Eastern Coalfields Ltd (SECL), Northern Coalfields Ltd, Mahanadi Coalfields Ltd (MCL), and Central Mine Planning & Design Institute Ltd (CMPDIL).
Listing Process Gains Momentum
The journey towards this 2030 goal is already underway with concrete steps. Sources indicate that Bharat Coking Coal Ltd (BCCL) and Central Mine Planning & Design Institute Ltd are poised to be listed on the stock exchanges by March 2026, with all necessary preparations already completed. The domestic and international roadshows for BCCL have concluded successfully.
"The listing process for Bharat Coking Coal Ltd is in full steam with absolutely no holds or delays," sources explained. BCCL had filed its draft red herring prospectus (DRHP) with market regulator SEBI a few months ago for its proposed Initial Public Offering (IPO). Similarly, CMPDIL has also submitted its DRHP to SEBI. Both IPOs are structured as an offer for sale (OFS) by Coal India.
In a recent regulatory filing, CIL's board of directors also greenlit the listing of two other major subsidiaries: South Eastern Coalfields Ltd (SECL) and Mahanadi Coalfields Ltd (MCL). This decision follows a specific directive from the Ministry of Coal to CIL to initiate concrete steps to ensure the listing of these two primary subsidiaries within the next financial year.
Production Targets and Future Roadmap
While navigating this corporate restructuring, Coal India continues to focus on its core production mandate. The company is targeting a production of 875 million tonnes for the current financial year. The overarching directive from the PMO sets a clear, long-term roadmap for the coal PSU, aiming to transform its operational and financial governance by bringing its profitable and strategically important units under the direct scrutiny of the public markets.
