Coal news and updates

Coal India to sell 25% stake in Bharat Coking Coal

CMPDI achieved its highest-ever turnover of Rs 1,489 crore in FY21, with its net profit rising 64% on year to Rs 317 crore in FY21.

With the Centre prodding central public sector enterprises (CPSEs) to privatise or disinvest stakes in their subsidiaries, Coal India will sell a 25% stake each in its unlisted subsidiaries Bharat Coking Coal (BCCL) and consultancy arm Central Mine Planning & Design Institute (CMPDI), company sources told FE. Both the companies are wholly-owned by the coal miner.

While government officials indicated that CIL may list one of its profitable subisidiaries also, company sources said it is not on the immediate agenda.

“The CIL board has given an in-principle approval for a 25% stake sale in BCCL and CMPDI, subject to government approval,” a CIL official said. The CIL board took the decision recently after the coal ministry nudged the company to undertake the stake sales as part of the measures to rationalise capital deployment. CIL will appoint merchant bankers and invite expression of interest for the stake sales soo