State-run miner Coal India on Wednesday said it is working towards listing its subsidiary Bharat Coking Coal (BCCL). It will be followed by the listing of its another arm Central Mine Planning & Design Institute (CMPDI).
“We have identified the banks. First, we will be listing BCCL, and CMPDI will follow,” Coal India chairman-cum-managing director PM Prasad told shareholders during the annual general meeting.
BCCL, which produces the bulk of the coking coal mined in the country, meets almost 50% of the total prime coking coal requirement of the integrated steel sector. CMPDI, headquartered in Ranchi, provides consultancy and support for mineral exploration, mining and infrastructure engineering, among others.
Coal India in 2022 said its board had given an ‘in-principle’ approval to the divestment of 25% of paid-up share capital of BCCL held by the company and its subsequent listing on the bourses.
Bharat Coking Coal and Central Mine Planning & Design Institute reported profit of Rs 502.88 crore and Rs 366.95 crore, respectively, in the last financial year, according to Coal India’s annual report.
Prasad told shareholders during the AGM that the company is planning to set up 3,000 MW solar power capacity in the next three years. Of this, around 380 MW is expected during the current fiscal.
Talcher Fertilizers, a joint venture between Coal India, Rashtriya Chemicals and Fertilisers and Gail, is expected to come into operations in the next financial year.
Prasad said CIL is on track to achieve the 780-million-tonne production target in FY24. The coal behemoth has a target of clocking 1 billion tonne coal production in FY26.
Coal India has ‘dropped’ its plan to set up a venture for aluminium value chain.
