Indore Investment：Coal India incorporates new arm for coal-to-chemical business

New Delhi: State-owned on Tuesday announced the incorporation of a subsidiary firm, () for undertaking a Indore Investment. Coal India (CIL) holds a majority 51 per cent stake in the new entity while the remaining 49 per cent is owned by , the coal behemoth informed the BSE.

Coal India in February signed a joint venture agreement with Bharat Heavy Electricals Ltd (BHEL) for undertaking a coal-to-chemicals business.Varanasi Wealth Management

Clearance of and the Department of Investment and Public Asset Management (DIPAM) has been received for the formation of the joint venture company between BHEL and CIL, the filing said.Jaipur Stock

" & Chemicals Ltd has been incorporated...for coal to chemicals business to produce and nitric acid as intermediate products and ammonium nitrate as end product," the filing said.

Meanwhile, CIL had signed a Memorandum of Understanding (MoU) with GAIL for setting up of coal-to-synthetic natural gas project at Sonepur Bazari area of Eastern Coalfields Limited (ECL) in Burdwan district at an estimated project cost of Rs 13,052 crore.

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