Coal India Limited (CIL) established a new subsidiary, Bharat Coal Gasification and Chemicals Ltd (BCGCL), to enter the coal-to-chemicals industry.
CIL will maintain a controlling interest with a fifty-one percent stake in BCGCL, while Bharat Heavy Electricals Ltd (BHEL) will hold the remaining forty-nine percent.
This follows a joint venture agreement signed in February between CIL and BHEL for the coal-to-chemicals business. The formation of the joint venture has been approved by NITI Aayog and the Department of Investment and Public Asset Management (DIPAM).
As reported by ETEnergyworld.com, CIL also signed a Memorandum of Understanding (MoU) with GAIL to develop a coal-to-synthetic natural gas project in the Sonepur Bazari area of Eastern Coalfields Limited (ECL) in Burdwan district. The project is estimated to cost ₹13,052 crore.
