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By: BankTrack
Created before Nov 2016
Last update: 2017-09-01 11:48:50

Contact:

Ashish Fernandes Senior Campaigner Greenpeace


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Sectors Coal Mining
Headquarters
Ownership

Coal India is majority-owned by the government of India, which controls 89.65% of the shares. In 2010, an initial public offering offered 10% of shares to be held by other shareholders. In October 2013, the government of India planned to float another 5 to 10% of the company on the Indian stock markets and was seeking to interest international investors. Seven banks were planning to underwrite the share offer before it was postponed: Bank of America/Merrill Lynch, Deutsche Bank, Credit Suisse, Goldman Sachs, Kotak Mahindra Capital, JM Financial and SBI Capital Markets. In October 2014 this was once more proposed and executed end of January 2015 when an additional 10% was sold by the government. The government of India is inviting banks to arrange another share offering for Coal India Ltd.

Subsidiaries
Coal India Africana Limitada – Mozambique
Website http://www.coalindia.co.in

About Coal India

Coal India is the biggest coal producer worldwide, majority-owned by the government of India. It was created in the 1970's when India's coal mining industry was nationalised in an attempt to control the illegalities in the sector. At the end of March 2015, Coal India operated over 430 coal mines across eight states in India, producing 494.24 million tonnes of coal, around 82% of India's total coal production. It feeds all but three of the 100 coal-based thermal power plants in India (source: Coal India Ltd. Annual Report 2014-2015). Coal India Ltd. has announced it will increase its production capacity to one billion tonne by 2020 from the present of around 500 million tonne. In 2014-2015 revenues of Coal India mounted to USD14.4 billion, while at the same time employing about 333,000 people.

Latest developments

Coal India plans to shut 37 mines this fiscal year

2017-06-09 00:00:00

India: Government, Coal India sacrifice Adivasi rights in the name of development

2016-07-13 00:00:00

Impacts

Social and human rights impacts

CILs poor safety record has been the cause of labour unrest. In 2011 CIL reported 52 fatalities in their mines and 250 serious injuries. In 2010 there were 95 fatalities and between 2007 and 2009 there were 194 deaths arising from operational accidents. A report by the Haq Centre has reported child labour in CIL's mines.

The clear felling of forests for open cut mines impacts forest dependent communities, inlcuding Protected Tribal Groups. According to a 2014 report by Amnesty International the Coal India subsidiary SECL was forcibly evicting indigenous and Dalit families to expand one of its open cast mines.

Environmental and climate impacts

CIL has a record of repeated violations of the environmental legislation, including refusing to shut down the Durgapur Rayatwari colliery, operating mines lacking environmental or forest clearances, and lacking operating licences. In 2010 a moratorium on new coal projects was imposed in several coalfields due to critical pollution levels. The Damodar river in the eastern state of Jharkhand, which flows through the Karanpura coalfields, has also been polluted due to the coal mining operations.

CIL's model relies for more than 90% on open pit mines, which entail clear-felling of forests, which impacts endangered species such as the tiger and elephant. In the Wardha, Singrauli, Talcher, North Karanpura, Ib Valley and Mandraigarh coalfields, CIL operations are impacting rich forest areas and endangered species such as the tiger and the Asian elephant.  Recent commitments from the company refer to its reforestation and land reclamation practices. However, only this July, an Indian government investigation found that half of the land Coal India claimed it had reforested was still barren.

Other impacts

CIL has a record of corruption at all levels, including senior management, which includes cases of unduelly favouring equipment suppliers, excessive payments and the dissapearance of coal. There is poor corporate governance and poor worker safety. Repeated legal violations have led to several penalties and closure notices for over 50 mines, in 2012 alone. It has also been accused of misleading investors and the public about the extent of its extractable reserves.

Coal India is majority-owned by the government of India, which has been targeting civil society organisations that are criticizing the coal industry, and has weakened environmental and human rights regulations. For such actions they have received public criticism from the UN Special rapporteur on the Freedom of Assembly and Association as well as the U.S. State Department.  

Governance

Updates

Coal India plans to shut 37 mines this fiscal year

2017-06-09 00:00:00

Coal India plans to shut 37 underground mines by the end of this fiscal year, two company officials said, despite unions' plans to strike for three days this month if the decision is not withdrawn (source Business Today India).

India: Government, Coal India sacrifice Adivasi rights in the name of development

2016-07-13 00:00:00

Mining operations by India's state-owned Coal India Limited, the world's largest coal producer, are shutting out indigenous Adivasi communities from decisions that affect their lives, Amnesty International India said in a new report published today. The report, "When Land Is Lost, Do We Eat Coal? Coal Mining and Violations of Adivasi Rights in India, traces how Coal India subsidiaries, central government ministries and state government authorities in Chhattisgarh, Jharkhand and Odisha failed to ensure meaningful consultation with Adivasi communities on land acquisition, rehabilitation and resettlement, and the environmental impacts of mines, seriously affecting their lives and livelihoods (source: Amnesty International).

Coal India estimates 540 mt output for 2016

2016-03-29 00:00:00

Coal India Ltd. seems set to close the fiscal year with production of about 540 million tonnes, against an output target of 550 million tonnes, according to an industry official. That would mark a growth of almost nine per cent over the previous fiscal and a 46 million tonnes increase in absolute terms.

Eight banks submit bids to manage USD3.2 billion Coal India stake sale

2015-11-16 00:00:00

Reuters reports that there are eight investment banks who have submitted bids; HSBC, ICICI Securities, Axis Capital, Elara Capital, Edelweiss, Kotak Investment Banking, JM Financial and IFR. The deadline for submitting the bid has been extended thrice over the past few months (source: Reuters).

Indigenous and Dalit communities at risk of forced evictions in Chhattisgarh, India

2014-09-04 00:00:00

Thousands of people from marginalised communities living near a state-owned coal mine in Chhattisgarh are at risk of being forcibly evicted, according to Amnesty International India.

Financiers

The domestic new mines of Coal India are especially financed by the company's own funds, the majority being supplied by the government of India, Coal India's largest shareholder. In addition, the new institutional investors which together own 10 per cent of the company since October 2010 play an important role. Especially Citi, Morgan Stanley and Bank of America are important financiers of the company, because they have assisted the company in raising shares through its IPO.

In addition, Citi and Bank of America, together with Deutsche Bank and HSBC, could become important for the company's programme to expand overseas, as these institutions are in the race of becoming Coal India's advisor to acquire overseas assets. In September 2015, HSBC has also submitted a bid to manage the third 10% stake divestment by the Government of India despite investor warnings from environmental groups urging investment banks not to assist in this deal. HSBC is one of eight banks who placed a bid, the rest are ICICI securities, SBI Capital, Axis Capital, Elara Capital, Edelweiss, Kotak Investment Banking and JM Financial, according to Reuters.

News

| |
Type:
Year:
blog
external news
our news

Coal India approves 32 mining projects worth Rs 47,300 crore this fiscal

2021-03-08 | Money Control
blog
external news
our news

Revealed: the 20 firms behind a third of all carbon emissions

2019-10-09 | The Guardian
blog
external news
our news

Coal India plans to shut 37 mines this fiscal year

2017-06-09 | Business Today India
blog
external news
our news

Death toll at India coal mine cave-in climbs to 18

2017-01-03 | Mining.com
blog
external news
our news

With few challenges ahead, coal will be open commodity: Piyush Goyal

2016-12-30 | The Indian Express
blog
external news
our news

India: Government, Coal India sacrifice Adivasi rights in the name of development

2016-07-13 | Amnesty International
blog
external news
our news

Coal India hopes to win orders from Bangladesh

2016-05-31 | Business Standard
blog
external news
our news

Coal India estimates 540 mt output this year

2016-03-29 | The Hindu
blog
external news
our news

Five banks hired for managing Coal India stake divestment - IFR

2015-11-26 | Reuters
blog
external news
our news

Eight banks submit bids to manage $3.2 billion Coal India stake sale

2015-11-16 | Reuters
blog
external news
our news

CIL Stake Sale: Foreign Bankers Flag Green Compliance, Says Report

2015-10-20 | Press Trust of India
blog
external news
our news

Green worries keep foreign banks away from $3.3 billion Coal India sale

2015-10-16 | The Economic Times
blog
external news
our news

India moves to reduce its stake in world's largest coal company

2015-09-23 | E&E News
blog
external news
our news

Investment Alert on Coal India share offer

Forthcoming share sale follows years of environmental and human rights controversy
2015-09-22 | BankTrack
blog
external news
our news

Banks Warned Against Financing Share Sale Of Coal India

2015-09-20 | Desmog blog
blog
external news
our news

Greenpeace India Says It Will Continue Environmental Campaign

2015-09-04 | The New York Times
blog
external news
our news

Indigenous and Dalit communities at risk of forced evictions in Chhattisgarh

2015-09-04 | Amnesty International India
blog
external news
our news

Coal winner as tiger area of 300 football fields diverted

2015-09-03 | The Times of India
blog
external news
our news

Government extends deadline for bids to manage CIL's 10 per cent stake sale

2015-09-01 | The Economic Times
blog
external news
our news

Coal India Share Sale is Planned — Energy Journal

2015-08-13 | The Wall Street Journal
blog
external news
our news

CIL will invest Rs 13,900 cr to raise output to 908 MT by 2020

2015-08-06 | www.zeenews.india.com
blog
external news
our news

50% of reclaimed coal mine area of Coal India is ‘barren’

2015-07-12 | Hindustan Times
blog
external news
our news

Coal India misses FY’15 production target by 3%

2015-04-03 | The Hindu
blog
external news
our news

Chhattisgarh coal mine should not be expanded without genuine consultation

2015-02-19 | Amnesty International India
blog
external news
our news

Villagers say 'no' to Coal India's Chhattisgarh plan

2015-02-12 | Business Standard
blog
external news
our news

CIL mega share sale sails through; government to get Rs 22,600 crore

2015-01-30 | The Economic Times
blog
external news
our news

Coal India Strike Said to Shut Half of Output, Shipments

2015-01-07 | Bloomberg
blog
external news
our news

Five-day coal strike begins; unions protest disinvestment of Coal India Limited

2015-01-06 | The Economic Times
blog
external news
our news

NGOs release Damning Report on Norwegian Government Pension Fund’s Coal Investments

2014-11-25 | Oslo | urgewald
blog
external news
our news

Coal India Unions Plan Nationwide Strike to Protest Sale

2014-10-31 | Bloomberg
blog
external news
our news

Coal India profit rises as output grows

2014-08-12 | Reuters
blog
external news
our news

Budget 2014: Clean energy cess hiked to Rs100 per tonne;Coal India to pay upto Rs 5200 crore

2014-07-10 | The Economic Times
blog
external news
our news

Deutsche Bank receives Black Planet Award at AGM

No sign of culture shift towards sustainability with Germany's largest bank
2014-05-22 | Frankfurt | urgewald, Facing Finance and FoE Europe
blog
external news
our news

CIL receives Rio Tinto, GVK Group proposals to sell coal mines

2014-04-07 | Live Mint
blog
external news
our news

Australia project: Adani, GVK expect financial closure by 2015

2014-04-02 | Live Mint
blog
external news
our news

As bets sour, firms rethink overseas mining assets

2014-03-31 | Live Mint
blog
external news
our news

Coal supply eases but calm may be short-lived

2014-03-24 | Business Standard
blog
external news
our news

Coal India strike to impact 40% power generation in South India

2014-03-11 | The Economic Times
blog
external news
our news

Coal India restructuring plan goes for a toss, ministry studying Deloitte report on recast

2014-02-14 | India Times
blog
external news
our news

Coal India Abandons Share Offer Amongst Growing Investor Skepticism

2014-02-12 | Huffingont Post
blog
external news
our news

Coal India looks to cut next fiscal target

2014-02-03 | The Telegraph
blog
external news
our news
private

Coal India gets environment ministry approval for 23 projects

2014-01-12 | The Economic Times
blog
external news
our news

Government eases environment clearance norms for coal mines

2014-01-11 | The Economic Times
blog
external news
our news

Coal Ministry floats another CCI note for completion of 3 rail lines

2014-01-10 | The Economic Times
blog
external news
our news

Coal India: Price hikes to boost profitability

2013-12-24 | Business Standard
blog
external news
our news

Reading as Protest - Urgewald action on Deutsche Bank finance for Coal India (VIDEO)

2013-11-18 | Frankfurt | RTL
blog
external news
our news

Coal prices will be dearer by up to 11%

2013-11-16 | The Financial Express
blog
external news
our news

Trade unions to strike if CIL goes ahead with divestment

2013-11-16 | The Financial Express
blog
external news
our news

Coal India to hold roadshows in three nations next week

2013-11-13 | Business Standard
blog
external news
our news

Coal India misses production, offtake targets for October

2013-11-05 | Business Today
blog
external news
our news

Govt to invite private companies to mine cheaper, faster coal

2013-10-28 | The Economic Times
blog
external news
our news

Roadshow for Coal India stake sale likely from tomorrow

2013-10-20 | Business Standard
blog
external news
our news

PowerMin's request on linkages for GVK Power's plant rejected

2013-10-07 | Zee News
blog
external news
our news

Goldman and Deutsche back India Coal despite their environmental standards

2013-10-01 | The Guardian
blog
external news
our news

Banks out to prove sustainability is a central pillar of their principles

2013-09-30 | Global Capital
blog
external news
our news

Coal India to Investors: What’s a Few Billion Tons of Coal Between Friends?

2013-09-24 | RAN blog
blog
external news
our news

Coal India rubbishes Greenpeace allegations

2013-09-24 | Business Standard
blog
external news
our news

Coal India to Investors: What’s a Few Billion Tons of Coal Between Friends?

2013-09-24 | RAN
blog
external news
our news

Coal India: misleading investors, destroying forests and jeopardizing India’s energy security

2013-09-23 | Greenpeace India
blog
external news
our news

Is Bank of America really a corporate sustainability leader?

2013-09-16 | GreenBiz
blog
external news
our news

“Sustainable” badge for Bank of America stretches credibility of Dow Jones Sustainability Index

2013-09-13 | Nijmegen | BankTrack
blog
external news
our news

Ignoring Human Rights Abuses and Coal’s Uncertain Future, Big Banks Line Up for Piece of World’s Largest Coal Miner

2013-09-04 | Rainforest Action Network Blog
blog
external news
our news

Greenpeace and Rainforest Action Network call out Bank of America for major stake in Coal India deal

Human rights abuses and widespread deforestation overlooked while banking giant aids world’s largest coal mining company
2013-09-04 | San Francisco | Greenpeace and Rainforest Action Network
blog
external news
our news

Ignoring Human Rights Abuses and Coal’s Uncertain Future, Big Banks Line Up for Piece of World’s Largest Coal Miner

2013-09-04 | RAN
blog
external news
our news

India picks seven banks for 5% stake sale in Coal India

2013-08-29 | CNBC TV
blog
external news
our news

India picks seven banks for 5 percent stake sale in Coal India: sources

2013-08-29 | Reuters
blog
external news
our news

36 infrastructure projects get the go-ahead from Cabinet panel

2013-08-27 | DNA India
blog
external news
our news

Big banks warned to steer clear of Coal India share offer

2013-08-23 | India | Ashish Fernandes
blog
external news
our news

Carbon credits for India coal power plant stoke criticism

2011-07-12 | Singapore | Reuters
blog
external news
our news

Coal India IPO shows the mountain we have to climb

2010-11-09 | The Guardian
blog
external news
our news
private

Silicosis, the curse of Khambhat

A 1991 survey carried out by the Indian Council of Medical Research estimated that more than three million people, mostly coal, manganese and zinc miners, were found to be having the disease
2009-10-20 | New Delhi, India

Documents

Type:
Year:
ngo documents
2016-07-13 00:00:00

Coal mining and violations of Adivasi rights in India "When land is lost, do we eat coal?"

2016-07-13 00:00:00 | Amnesty International
annual reports
2015-11-24 00:00:00

Sustainability report 2014-15

(Verified & assured)
2015-11-24 00:00:00 | Coal India Ltd.
csr policies
2015-11-24 00:00:00

Corporate Environmental Policy 2012

2015-11-24 00:00:00 | Coal India Ltd.
csr policies
2015-11-24 00:00:00

General information pertaining to Child Labour & Human Rights of CIL

2015-11-24 00:00:00 | Coal India Ltd.
csr policies
2015-08-31 00:00:00

Coal India Limited's Sustainable Development

2015-08-31 00:00:00 | Coal India Ltd.
annual reports
2015-07-04 00:00:00

Annual Report & Accounts 2014-2015

2015-07-04 00:00:00 | Coal India Ltd.
our publications
2015-05-21 00:00:00

Deutsche Bank Coal Bank Briefing 2015

2015-05-21 00:00:00 | BankTrack
our publications
2015-05-04 00:00:00

The end of coal?

2015 Coal Finance Report Card
2015-05-04 00:00:00 | BankTrack, Rainforest Action Network and Sierra Club
ngo documents
2014-12-03 00:00:00

Costly Coal

Shareholder risk in Coal India
2014-12-03 00:00:00 | Greenpeace
ngo documents
2013-09-23 00:00:00

Coal India: Running on Empty?

2013-09-23 00:00:00 | Greenpeace India
ngo documents
2013-08-14 00:00:00

Coal India investor brief

High risk, low return
2013-08-14 00:00:00 | Greenpeace
csr policies
2013-08-03 00:00:00

Sustainable Development Policy of Coal India Ltd. 2013

2013-08-03 00:00:00 | Coal India Ltd.
ngo documents
2013-03-12 00:00:00

Coal Kills

An Assessment of Death and Diseasecaused by India’s Dirtiest Energy Source
2013-03-12 00:00:00 | Urban Emissions in partnership with the Conservation Action Trust and Greenpeace India
annual reports
2011-03-31 00:00:00

Coal India 2009-2010 annual report

2011-03-31 00:00:00 | Coal India
annual reports
2004-03-31 00:00:00

Coal India 2004 annual report

2004-03-31 00:00:00 | Coal India

Links

Good afternoon. How much for a forest?

Blogpost by Grace Boyle - January 25, 2011
http://www.greenpeace.org/india/en/Blog/good-afternoon-how-much-for-a-forest/blog/32534

Tell big banks: Don’t cash in on Coal India

Petition from Rainforest Action Network asking US banks not to bid for the new Coal India share offer.
http://www.ran.org/tell_big_banks_don_t_cash_in_on_coal_india
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