: Centre clears disinvestment of 25% equity stake in Bharat Coking Coal Ltd #IndiaNEWS #Business <br>BCCL is a subsidiary of the countrys largest dry fuel producing company, Coal India Limited
Centre clears disinvestment of 25% equity stake in Bharat Coking Coal Ltd #IndiaNEWS #Business
<br>BCCL is a subsidiary of the countrys largest dry fuel producing company, Coal India Limited (CIL).
Highly-placed sources told IANS that a three-member empowered ministerial committee led by Finance Minister Nirmala Sitharaman and comprising Coal Minister Pralhad Joshi and Road Transport & Highways Minister Nitin Gadkari has cleared the proposal for divesting 25 per cent of BCCLs equity.
The ministerial committee had been vested with the power of approving the proposal of divesting 25 per cent equity stake in BCCL, the sources said.
The committee after approving the proposal had sent it to Coal India Limiteds (CIL) board, which too has cleared it, they added.
It remains to be seen though whether disinvestment of BCCLs shares would be done through the strategic sale route or via the initial public offer (IPO) route.
As a part of its plan to restructure CIL, the government had last year decided for an initial listing of 25 per cent shares of BCCL.
CIL had in May 2022 said that it is planning to divest 25 per cent stake in its unlisted arm BCCL and go for the subsequent listing of the subsidiary on stock exchanges after obtaining further clearances.
A meeting of CILs board was held to discuss the matter in March 2022, the coal behemoth had said in a regulatory filing.
Informing that the companys board had given only in principle approval to the proposal, CIL had said at that time that only after getting further clearance from the government, subsequent action would be initiated.
Sources, however, indicated that the decision on listing of BCCL is to be taken by CILs management, as the empowered panel has okayed disinvestment of 25 per cent equity stake in the subsidiary now.
BCCL was incorporated in January 1972 to operate coking coal mines operating in the Jharia and Raniganj coalfields. It was taken over by the government on October 16, 1971.
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