On Tuesday, state-owned Coal India announced the formation of a subsidiary company, Bharat Coal Gasification and Chemicals Ltd (BCGCL), to pursue a coal-to-chemicals operation. The coal behemoth informed the BSE that Coal India (CIL) owns 51% of the new firm, with BHEL owning the remaining 49%.
In February, Coal India formed a joint venture with Bharat Heavy Electricals Ltd (BHEL) to develop a coal-to-chemicals company.
According to the filing, NITI Aayog and the Department of Investment and Public Asset Management (DIPAM) have approved the formation of the joint venture business between BHEL and CIL.
Bharat Coal Gasification & Chemicals Ltd was formed to convert coal into chemicals, producing ammonia and nitric acid as intermediates and ammonium nitrate as the end product, according to the petition.
Meanwhile, CIL inked a Memorandum of Understanding (MoU) with GAIL to establish a coal-to-synthetic natural gas project in the Sonepur Bazari area of Eastern Coalfields Limited (ECL) in Burdwan district. It has an estimated project cost of ₹13,052 Crore.
Coal India Limited (CIL) is an Indian central public sector organisation owned by the Ministry of Coal, Government of India. It is headquartered in Kolkata.
Coal India, a state-owned company, announced a 26% increase in total net profit to ₹8,682 Crore for the quarter ending March 2024. The revenue from operations in January-March 2024 was down 2% year on year to ₹37,410 Crore. The figure for the same period previous year was ₹38,152 Crore.
At around 11.08 AM, Coal India was trading flat at about ₹487.20, against the previous close of ₹487.65 on NSE. The counter touched an intraday high and low of ₹491.90, and ₹482.10, respectively.
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