Daijiworld Media Network - Mumbai

Mumbai, Dec 24: Shares of state-owned Coal India Ltd (CIL) gained on Wednesday, December 24, following the company’s board of directors giving in-principle approval for the listing of two of its wholly-owned subsidiaries, Mahanadi Coalfields Ltd (MCL) and South Eastern Coalfields Ltd (SECL). The stock climbed 1% to ?404.5 per share on the National Stock Exchange (NSE) at around noon.

In regulatory filings submitted to the stock exchanges on Tuesday, Coal India stated that the board’s approval aligns with a directive from the Ministry of Coal, instructing the PSU to take concrete steps to list its two primary subsidiaries within the next financial year.

The move is part of the central government’s broader strategy to unlock value in high-performing public sector undertakings (PSUs) and enhance transparency by inviting public participation in these companies.

Apart from MCL and SECL, other subsidiaries such as Bharat Coking Coal Ltd (BCCL) and the Central Mine Planning and Design Institute (CMPDI) are also being considered for future listings. BCCL had earlier received formal approval from SEBI for its listing in September, officials noted.

The approvals for SECL and MCL will now be forwarded to the Ministry of Coal for submission to the Department of Investment and Public Asset Management (DIPAM), with the proposed listings subject to regulatory clearances from multiple authorities.

SECL, headquartered in Bilaspur, Chhattisgarh, is among Coal India’s most productive subsidiaries, with a production of 167 million tonnes in the 2024–25 fiscal year. The company operates extensive mining projects across Chhattisgarh and Madhya Pradesh and has been a pioneer in technological modernization, including the expansion of the Gevra project, one of Asia’s largest opencast coal mines.

This development is expected to strengthen Coal India’s corporate transparency and provide investors with direct participation in the PSU’s high-performing subsidiaries.