World’s largest coal miner considers London flotation

World’s largest coal miner considers London flotation

Coal India, the world’s largest coal miner, is mulling over a potential listing on the London Stock Exchange (LSE) and has had preliminary discussions with the premier UK stock exchange.

Senior figures from the state-run mining firm met with LSE officials in London at the end of 2016, however sources close to the discussions said there is no guarantee of a listing occurring at this stage.

A source who wished to remain anonymous said: “Coal India is examining the proposal, it has come from them,” before adding that the idea was looked on favourably by the British government.

Coal India’s production accounts for over 80% of India’s domestic coal output.

The prospective London listing by Coal India would provide a welcome boost to the LSE, as it looks to attract foreign business in a post-Brexit landscape.

The LSE is also hoping to lure Saudi Aramco to float in London, and is working on a new type of listing structure that would make a London listing more attractive for the energy giant, who’s IPO has been valued at around US$2 trillion.

@RGNonline