The Prime Minister’s Office has directed the Ministry of Coal to ensure the listing of all subsidiaries of Coal India Ltd by 2030, a move aimed at strengthening governance, enhancing transparency and unlocking value through asset monetisation, sources said.
Coal India, which accounts for more than 80 per cent of India’s domestic coal production, operates through eight subsidiaries, and the proposed listings are seen as a significant step towards reforming the governance framework of the state-run miner.
Highly placed sources said the PMO has issued clear instructions for a phased listing of all Coal India arms by the end of the decade to improve accountability and corporate oversight within the public sector undertaking.
Coal India’s subsidiaries include Eastern Coalfields Ltd, Bharat Coking Coal Ltd, Central Coalfields Ltd, Western Coalfields Ltd, South Eastern Coalfields Ltd, Northern Coalfields Ltd, Mahanadi Coalfields Ltd and Central Mine Planning and Design Institute Ltd.
Two subsidiaries, Bharat Coking Coal Ltd and Central Mine Planning and Design Institute Ltd, are set to be listed on stock exchanges by March 2026, with preparatory work already completed, sources said. Domestic and international roadshows for Bharat Coking Coal have also been concluded.
Sources said the listing process for Bharat Coking Coal is progressing at pace, with no delays envisaged at this stage.
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In a recent regulatory filing, Coal India said its board of directors had approved the listing of South Eastern Coalfields Ltd and Mahanadi Coalfields Ltd, following a directive from the Ministry of Coal to initiate concrete steps for their market debut.
The listings of Mahanadi Coalfields and South Eastern Coalfields are expected to be undertaken within the next financial year, marking the next phase of Coal India’s broader disinvestment and governance reform programme.
Bharat Coking Coal Ltd had earlier filed its draft red herring prospectus with the Securities and Exchange Board of India for its proposed initial public offering. The DRHP relates to an offer for sale of up to 46.57 crore equity shares by Coal India.
Coal India, in a regulatory disclosure, said the proposed IPO would remain subject to receipt of statutory approvals, prevailing market conditions and other customary considerations.
Central Mine Planning and Design Institute Ltd has also filed its DRHP with SEBI for its proposed IPO through the offer-for-sale route.
The move to list subsidiaries aligns with the government’s broader strategy of monetising public sector assets while improving operational efficiency and corporate governance standards.
Coal India is targeting coal production of 875 million tonnes in the current financial year, as it continues to play a central role in meeting the country’s energy requirements while navigating structural reforms.
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