India PMO Plans Coal India Subsidiaries Listing By 2030
The Prime Minister’s Office (PMO) has instructed the Ministry of Coal to prepare all Coal India Limited (CIL) subsidiaries for listing on stock exchanges by 2030, aiming to enhance governance, transparency, and operational efficiency. Key subsidiaries, including Bharat Coking Coal Limited (BCCL) and Central Mine Planning and Design Institute (CMPDIL), are set to debut first, reflecting a strategic effort to unlock value, attract investment, and modernise India’s largest public sector coal enterprises while supporting broader energy and infrastructure sector reforms.
Preparations for the initial listings are already underway, with BCCL and CMPDIL expected to debut on stock exchanges by March 2026. Domestic and international roadshows for BCCL have reportedly been completed, with market analysts indicating that both IPOs are progressing as planned. The CIL board has also approved listings for SECL and Mahanadi Coalfields Limited (MCL), following directives from the Ministry of Coal to initiate concrete steps for their public offering in the next financial year.Bharat Coking Coal Limited has filed its draft red herring prospectus (DRHP) with market regulator SEBI for an initial public offering, covering the sale of up to 465.7 million equity shares by the parent company. CMPDIL has also submitted its DRHP for an IPO via the offer-for-sale route. These moves are part of a broader strategy to improve transparency, expand market participation, and create investor confidence in India’s largest coal public sector undertaking.
Coal India continues to play a critical role in meeting India’s energy needs, targeting 875 million tonnes of coal production in the current financial year. Analysts note that listing subsidiaries could improve operational oversight, attract capital for expansion, and provide market-driven valuation benchmarks for state-owned units. Additionally, public listings are expected to incentivise efficiency, strengthen corporate governance, and provide a framework for asset monetisation across the sector.
Experts suggest that the government’s roadmap aligns with its larger agenda of reforming public sector enterprises, creating investment avenues for domestic and international investors, and supporting India’s transition towards more efficient and accountable urban and industrial infrastructure development. As the IPO process unfolds, CIL’s subsidiaries are poised to become more transparent and financially independent, reflecting a significant shift in India’s coal sector governance and capital market engagement.
