bccl: Coal India to divest 25% stake in BCCL; plans subsequent listing – Times of India

NEW DELHI: State-owned Coal India Ltd (CIL) on Thursday mentioned it’s planning to divest 25 per cent stake in its unlisted arm Bharat Coking Coal Ltd (BCCL) and can go for the next itemizing of the subsidiary on inventory exchanges after acquiring additional clearances.
A gathering of the board of administrators to this impact was held on March 10, 2022, Coal India Ltd (CIL) mentioned in a regulatory submitting.
“As suggested by MoC (ministry of coal), CIL Board in its 438th assembly held on March 10, 2022 had accorded its ‘in-principle’ approval to divest 25 per cent of paid-up share capital of BCCL held by CIL and its subsequent itemizing on inventory exchanges and suggested to ahead the proposal to Ministry of Coal for acquiring additional clearances,” the submitting mentioned.
Stating that the corporate’s board had given solely “in precept” approval to the proposal, CIL mentioned that solely after getting additional clearance from the federal government, subsequent motion could be initiated.
“On receipt of additional clearance from MoC (ministry of coal) the identical could be positioned to CIL board and the choice of CIL board could be promptly disseminated to inventory exchanges,” the submitting mentioned.
In FY’21, BCCL achieved a manufacturing of 24.66 million tonnes (MT), towards the goal of 37.13 MT and off-take of 23.13 MT towards the goal of 37.13 MT.
The web turnover of the corporate throughout FY’21 was Rs 6,149.81 crore towards the earlier yr turnover of Rs 8,967.56 crore. This vital fall in gross sales affected the underside line of the corporate’s funds, in line with the annual report of BCCL.
On account of which, the corporate couldn’t preserve its profitability not like earlier years and incurred a web loss (LBT) of Rs 1,577.06 crore. Its PBT (revenue earlier than tax) stood at Rs 991.12 crore in 2019-20, the report mentioned.
Coal India accounts for over 80 per cent of home coal output.
BCCL was included in January, 1972 to function coking coal mines working within the Jharia & Raniganj Coalfields. It was taken over by the federal government on October 16, 1971. It’s a Public Sector Endeavor engaged in mining of coal and allied actions.

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