Coal India Ltd. is reportedly preparing an initial public offering of its subsidiary Mahanadi Coalfields Ltd. (MCL), which could take place as early as late November or December 2026. The proposed offering is expected to involve the sale of around a 10% stake by Coal India, with the transaction potentially valued at up to $1 billion.
MCL is one of Coal India’s major subsidiaries and contributed approximately 22.4% of India’s non-coking coal production in FY26. A public listing could provide investors with an opportunity to participate directly in the subsidiary’s coal-mining operations.
The proposed issue remains at the planning stage, and the final issue size, valuation and launch schedule have not been confirmed. Investors should distinguish this reported plan from a formal IPO filing or regulatory approval.
