NEW YORK, December 28, 2025, 23:42 ET
- India’s PMO has told the coal ministry to map and list all Coal India subsidiaries by 2030, sources told PTI.
- PTI sources said Bharat Coking Coal and CMPDI are targeted for listings by March 2026, with roadshows for Bharat Coking Coal completed.
- Coal India earlier told exchanges its board had given in-principle approval to list Mahanadi Coalfields and South Eastern Coalfields, subject to approvals.
India’s Prime Minister’s Office has directed the coal ministry to map and list all subsidiaries of state-run Coal India Ltd by 2030, sources told Press Trust of India (PTI).
The push matters now because it sets a deadline for carving out Coal India’s operating arms into separately traded companies, a step the sources said is meant to improve governance, transparency and asset monetisation.
Coal India accounts for more than 80% of India’s domestic coal output and operates through eight subsidiaries, which could make the plan a sizeable pipeline of potential public-sector listings.
The subsidiaries include Eastern Coalfields, Bharat Coking Coal, Central Coalfields, Western Coalfields, South Eastern Coalfields, Northern Coalfields, Mahanadi Coalfields and Central Mine Planning & Design Institute.
Bharat Coking Coal Ltd and Central Mine Planning & Design Institute are expected to list by March 2026, with preparatory work completed, the sources said. They said domestic and international roadshows for Bharat Coking Coal had concluded.
A roadshow is a series of meetings with potential investors ahead of an IPO, or initial public offering, which is the first sale of shares to the public.
PTI reported that Bharat Coking Coal has filed a draft red herring prospectus (DRHP) — the preliminary IPO document — with India’s markets regulator, the Securities and Exchange Board of India (SEBI).
Coal India said the filing relates to an offer-for-sale of up to 46.57 crore shares, or about 465.7 million shares, meaning the parent would sell existing stock rather than issue new shares.
Central Mine Planning and Design Institute has also filed its DRHP with SEBI for an offer-for-sale IPO, the report said.
In separate stock exchange filings dated Dec. 23, Coal India said its board had given in-principle approval to begin the listing process for South Eastern Coalfields and Mahanadi Coalfields, both wholly owned units.
The filings cited a coal ministry memorandum dated Dec. 16 that asked Coal India to take “concrete steps” to list the two subsidiaries in the next financial year. BS Media+1
Company Secretary B.P. Dubey wrote the board had “accorded in-principle approval for listing of Mahanadi Coalfields Limited (MCL) and the same shall be communicated to MoC for onward submission to DIPAM”. BS Media
Coal India is targeting production of 875 million tonnes in the current financial year, according to the PTI report. The proposed listings remain subject to regulatory approvals and market conditions.
