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Home › Dodgy Deals ›
Dodgy Deal
Coal IndiaIndia

Company – On record

This profile is no longer actively maintained, with the information now possibly out of date
Lead organisation:
BankTrack
Contact:

Ashish Fernandes Senior Campaigner Greenpeace

Last update: 2017-09-01 11:48:50

Company – On record

This profile is no longer actively maintained, with the information now possibly out of date
Lead organisation:
BankTrack
Contact:

Ashish Fernandes Senior Campaigner Greenpeace

Last update: 2017-09-01 11:48:50
Why this profile?

What must happen

Banks must refrain from participating in the upcoming share offering by Coal India. Coal India Ltd. has previously made environmental and social commitments to four US and European banks, as a condition to its previous share offering in the beginning of 2015, whereby it committed to engage with civil society stakeholders on a range of issues. So far the company has not followed through in a meaningful way with this commitment, which should preclude banks from doing business with Coal India Ltd.  

About
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

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.

Impacts

Impact on human rights and communities

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.


Impact on climate

India is extremely vulnerable to climate change, and is projected to experience heat waves, humid head stress, and other extreme weather. Sea level rise may submerge key infrastructure across the country, largely in coastal cities like Mumbai and Chennai. With the increased frequency of pests and diseases, agricultural production may decline across India, posing a serious threat to the country's food security and sovereignty. Different parts of India may experience different “climate extremes” - either heavy precipitation or serious water scarcity. In 2019, more than 4 million Indians were forced out of their homes due to climate disasters. Scientists say the country must adapt to the new climate reality.

Nonetheless, Coal India - a state-owned company - continues to pull coal from the ground. Coal India has not made an official plan for achieving net zero emissions by 2050 and does not have a long-term decarbonization strategy. The company's sustainability plan provides for replacing diesel vehicles with alternatives powered by fossil gas and phasing out older water pumps and air conditioners. During the fiscal year 2021-2022, Coal India reported achieving 110,000 tons of CO2 emission offsests, a small figure when compared to the nearly 50 million tons of CO2 emitted as a result of the company's operations each year. 


Impact on nature and environment

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.  

Financiers
Institution type
Finance type
Year

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
BankTrack
Partners
Blog
External
BankTrack news BankTrack blog Partner news Partner blog

Coal India told to file report on illegal mining at Assam’s Dehing Patkai Elephant Reserve

2021-07-06 | The Hindu
BankTrack news BankTrack blog Partner news Partner blog

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

2021-03-08 | Money Control
BankTrack news BankTrack blog Partner news Partner blog

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

2019-10-09 | The Guardian
BankTrack news BankTrack blog Partner news Partner blog

Coal India plans to shut 37 mines this fiscal year

2017-06-09 | Business Today India
BankTrack news BankTrack blog Partner news Partner blog

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

2017-01-03 | Mining.com
BankTrack news BankTrack blog Partner news Partner blog

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

2016-12-30 | The Indian Express
BankTrack news BankTrack blog Partner news Partner blog

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

2016-07-13 | Amnesty International
BankTrack news BankTrack blog Partner news Partner blog

Coal India hopes to win orders from Bangladesh

2016-05-31 | Business Standard
BankTrack news BankTrack blog Partner news Partner blog

Coal India estimates 540 mt output this year

2016-03-29 | The Hindu
BankTrack news BankTrack blog Partner news Partner blog

Five banks hired for managing Coal India stake divestment - IFR

2015-11-26 | Reuters
BankTrack news BankTrack blog Partner news Partner blog

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

2015-11-16 | Reuters
BankTrack news BankTrack blog Partner news Partner blog

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

2015-10-20 | Press Trust of India
BankTrack news BankTrack blog Partner news Partner blog

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

2015-10-16 | The Economic Times
BankTrack news BankTrack blog Partner news Partner blog

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

2015-09-23 | E&E News
Blog
BankTrack news BankTrack blog Partner news Partner blog

Investment Alert on Coal India share offer

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

Banks Warned Against Financing Share Sale Of Coal India

2015-09-20 | Desmog blog
BankTrack news BankTrack blog Partner news Partner blog

Greenpeace India Says It Will Continue Environmental Campaign

2015-09-04 | The New York Times
BankTrack news BankTrack blog Partner news Partner blog

Indigenous and Dalit communities at risk of forced evictions in Chhattisgarh

2015-09-04 | Amnesty International India
BankTrack news BankTrack blog Partner news Partner blog

Coal winner as tiger area of 300 football fields diverted

2015-09-03 | The Times of India
BankTrack news BankTrack blog Partner news Partner blog

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

2015-09-01 | The Economic Times
BankTrack news BankTrack blog Partner news Partner blog

Coal India Share Sale is Planned — Energy Journal

2015-08-13 | The Wall Street Journal
BankTrack news BankTrack blog Partner news Partner blog

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

2015-08-06 | www.zeenews.india.com
BankTrack news BankTrack blog Partner news Partner blog

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

2015-07-12 | Hindustan Times
BankTrack news BankTrack blog Partner news Partner blog

Coal India misses FY’15 production target by 3%

2015-04-03 | The Hindu
BankTrack news BankTrack blog Partner news Partner blog

Chhattisgarh coal mine should not be expanded without genuine consultation

2015-02-19 | Amnesty International India
BankTrack news BankTrack blog Partner news Partner blog

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

2015-02-12 | Business Standard
BankTrack news BankTrack blog Partner news Partner blog

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

2015-01-30 | The Economic Times
BankTrack news BankTrack blog Partner news Partner blog

Coal India Strike Said to Shut Half of Output, Shipments

2015-01-07 | Bloomberg
BankTrack news BankTrack blog Partner news Partner blog

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

2015-01-06 | The Economic Times
Blog
BankTrack news BankTrack blog Partner news Partner blog

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

2014-11-25 | Oslo | urgewald
BankTrack news BankTrack blog Partner news Partner blog

Coal India Unions Plan Nationwide Strike to Protest Sale

2014-10-31 | Bloomberg
BankTrack news BankTrack blog Partner news Partner blog

Coal India profit rises as output grows

2014-08-12 | Reuters
BankTrack news BankTrack blog Partner news Partner blog

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
BankTrack news BankTrack blog Partner news Partner blog

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
BankTrack news BankTrack blog Partner news Partner blog

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

2014-04-07 | Live Mint
BankTrack news BankTrack blog Partner news Partner blog

Australia project: Adani, GVK expect financial closure by 2015

2014-04-02 | Live Mint
BankTrack news BankTrack blog Partner news Partner blog

As bets sour, firms rethink overseas mining assets

2014-03-31 | Live Mint
BankTrack news BankTrack blog Partner news Partner blog

Coal supply eases but calm may be short-lived

2014-03-24 | Business Standard
BankTrack news BankTrack blog Partner news Partner blog

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

2014-03-11 | The Economic Times
BankTrack news BankTrack blog Partner news Partner blog

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

2014-02-14 | India Times
BankTrack news BankTrack blog Partner news Partner blog

Coal India Abandons Share Offer Amongst Growing Investor Skepticism

2014-02-12 | Huffingont Post
BankTrack news BankTrack blog Partner news Partner blog

Coal India looks to cut next fiscal target

2014-02-03 | The Telegraph
private BankTrack news BankTrack blog Partner news Partner blog

Coal India gets environment ministry approval for 23 projects

2014-01-12 | The Economic Times
BankTrack news BankTrack blog Partner news Partner blog

Government eases environment clearance norms for coal mines

2014-01-11 | The Economic Times
BankTrack news BankTrack blog Partner news Partner blog

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

2014-01-10 | The Economic Times
BankTrack news BankTrack blog Partner news Partner blog

Coal India: Price hikes to boost profitability

2013-12-24 | Business Standard
BankTrack news BankTrack blog Partner news Partner blog

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

2013-11-18 | Frankfurt | RTL
BankTrack news BankTrack blog Partner news Partner blog

Coal prices will be dearer by up to 11%

2013-11-16 | The Financial Express
BankTrack news BankTrack blog Partner news Partner blog

Trade unions to strike if CIL goes ahead with divestment

2013-11-16 | The Financial Express
BankTrack news BankTrack blog Partner news Partner blog

Coal India to hold roadshows in three nations next week

2013-11-13 | Business Standard
BankTrack news BankTrack blog Partner news Partner blog

Coal India misses production, offtake targets for October

2013-11-05 | Business Today
BankTrack news BankTrack blog Partner news Partner blog

Govt to invite private companies to mine cheaper, faster coal

2013-10-28 | The Economic Times
BankTrack news BankTrack blog Partner news Partner blog

Roadshow for Coal India stake sale likely from tomorrow

2013-10-20 | Business Standard
BankTrack news BankTrack blog Partner news Partner blog

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

2013-10-07 | Zee News
BankTrack news BankTrack blog Partner news Partner blog

Goldman and Deutsche back India Coal despite their environmental standards

2013-10-01 | The Guardian
BankTrack news BankTrack blog Partner news Partner blog

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

BankTrack quoted
2013-09-30 | Global Capital
BankTrack news BankTrack blog Partner news Partner blog

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

2013-09-24 | RAN blog
BankTrack news BankTrack blog Partner news Partner blog

Coal India rubbishes Greenpeace allegations

2013-09-24 | Business Standard
BankTrack news BankTrack blog Partner news Partner blog

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

2013-09-24 | RAN
BankTrack news BankTrack blog Partner news Partner blog

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

2013-09-23 | Greenpeace India
BankTrack news BankTrack blog Partner news Partner blog

Is Bank of America really a corporate sustainability leader?

2013-09-16 | GreenBiz
Blog
BankTrack news BankTrack blog Partner news Partner blog

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

2013-09-13 | Nijmegen | BankTrack
BankTrack news BankTrack blog Partner news Partner blog

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
BankTrack news BankTrack blog Partner news Partner blog

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
BankTrack news BankTrack blog Partner news Partner blog

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
BankTrack news BankTrack blog Partner news Partner blog

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

2013-08-29 | CNBC TV
BankTrack news BankTrack blog Partner news Partner blog

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

2013-08-29 | Reuters
BankTrack news BankTrack blog Partner news Partner blog

36 infrastructure projects get the go-ahead from Cabinet panel

2013-08-27 | DNA India
Blog
BankTrack news BankTrack blog Partner news Partner blog

Big banks warned to steer clear of Coal India share offer

2013-08-23 | India | Ashish Fernandes
Blog
BankTrack news BankTrack blog Partner news Partner blog

Coal India share issue collapses

2013 | BankTrack
BankTrack news BankTrack blog Partner news Partner blog

Carbon credits for India coal power plant stoke criticism

2011-07-12 | Singapore | Reuters
BankTrack news BankTrack blog Partner news Partner blog

Coal India IPO shows the mountain we have to climb

2010-11-09 | The Guardian
private BankTrack news BankTrack blog Partner news Partner blog

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
Resources
Documents
Links
2016-07-13 00:00:00

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

NGO document
2016-07-13 00:00:00 | Amnesty International
2015-11-24 00:00:00

Sustainability report 2014-15

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

Corporate Environmental Policy 2012

Bank policy
2015-11-24 00:00:00 | Coal India Ltd.
2015-11-24 00:00:00

General information pertaining to Child Labour & Human Rights of CIL

Bank policy
2015-11-24 00:00:00 | Coal India Ltd.
2015-08-31 00:00:00

Coal India Limited's Sustainable Development

Bank policy
2015-08-31 00:00:00 | Coal India Ltd.
2015-07-04 00:00:00

Annual Report & Accounts 2014-2015

Annual report
2015-07-04 00:00:00 | Coal India Ltd.
2015-05-21 00:00:00

Deutsche Bank Coal Bank Briefing 2015

BankTrack publication
2015-05-21 00:00:00 | BankTrack
2015-05-04 00:00:00

The end of coal?

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

Costly Coal

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

Coal India: Running on Empty?

NGO document
2013-09-23 00:00:00 | Greenpeace India
2013-08-14 00:00:00

Coal India investor brief

High risk, low return
NGO document
2013-08-14 00:00:00 | Greenpeace
2013-08-03 00:00:00

Sustainable Development Policy of Coal India Ltd. 2013

Bank policy
2013-08-03 00:00:00 | Coal India Ltd.
2013-03-12 00:00:00

Coal Kills

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

Coal India 2009-2010 annual report

Annual report
2011-03-31 00:00:00 | Coal India
2004-03-31 00:00:00

Coal India 2004 annual report

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

Good afternoon. How much for a forest?

Blogpost by Grace Boyle - January 25, 2011

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.
Updates

2017

2017-06-09 00:00:00 | Coal India plans to shut 37 mines this fiscal year

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).

2016

2016-07-13 00:00:00 | India: Government, Coal India sacrifice Adivasi rights in the name of development

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).

2016-03-29 00:00:00 | Coal India estimates 540 mt output for 2016

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.

2015

2015-11-16 00:00:00 | Eight banks submit bids to manage USD3.2 billion Coal India stake sale

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).

2014

2014-09-04 00:00:00 | Indigenous and Dalit communities at risk of forced evictions in Chhattisgarh, India

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.

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