BCCL plans disinvestment in new fiscal

Ranchi: 's (CIL) Dhanbad based subsidiary (BCCL) is initiating the processes for disinvestment in the upcoming financial year, sources within the PSU have said. The company's disinvestment, first mooted by the CIL in 2022, was cleared by a committee headed by Union finance minister Nirmala Sitharaman in March last year. As per plans, 25% of the BCCL's equity stakes will be disinvested through the initial public offering (IPO) route, sources have added. Currently, the CIL owns 100% stake at BCCL. Officials in know of things said the move is aimed at increasing the PSU's capex through IPOs. "Plans are afoot to get listed for the IPO by August this year," a senior official told TOI, requesting anonymity. Samiran Dutta, the chairman-cum-managing director (CMD), did not respond to TOI's calls and messages when contacted till the time of going to the press. As per its annual report for the 2023-24 FY, BCCL posted a net sales of Rs 13,216.17 crore. Its profits in the same fiscal year was Rs 1,564.46 crore, considerably higher than Rs 664.78 crore which it earned in 2022-23FY. The quantum leap had enabled the company to wipe out its accumulated losses which had been plaguing it for a long time.