Coal India Ltd on December 23 said its board has granted in-principle approval to list two of its subsidiaries—Mahanadi Coalfields Limited (MCL) and South Eastern Coalfields Limited (SECL)—subject to requisite regulatory clearances.

The announcement follows a directive from the Ministry of Coal on December 16, which advised Coal India to take concrete steps to enable the listing of the two subsidiaries in the upcoming FY27. Coal India said the proposed listings will require approvals from multiple authorities before proceeding.

SECL, a Mini Ratna public sector enterprise, has received approvals for 73 major coal projects with an aggregate ultimate capacity of about 302.8 million tonnes per annum and sanctioned capital of roughly Rs 445.71 billion. Of these, 30 projects are under implementation, 38 have been completed, and five underground blocks are operating mines. The subsidiary produced about 167.5 million tonnes of coal in 2024–25, with reserves spread across Chhattisgarh and Madhya Pradesh.

Mahanadi Coalfields Limited was carved out of SECL in 1992 and is headquartered in Sambalpur, Odisha. The company was accorded Miniratna status in 2019.

Earlier in the day, Coal India shares rose nearly 4 per cent to close at Rs 400.65, after reports suggested an imminent IPO by another subsidiary. Bharat Coking Coal Limited (BCCL) is reportedly preparing to launch a public issue of about Rs 13.0 billion within the next two weeks. The proposed issue is expected to be a pure offer-for-sale, with Coal India planning to divest around 10 per cent of its equity stake.