The government is preparing fiscal 2027 market debuts for India Infrastructure Finance Company, Mahanadi Coalfields and South Eastern Coalfields, with Coal India’s Mahanadi subsidiary furthest along in the process.
India is set to bring three more state-run companies to the market in fiscal 2027, with the Department of Investment and Public Asset Management preparing listings for India Infrastructure Finance Company, Mahanadi Coalfields and South Eastern Coalfields, according to Business Today and Business Standard. Arunish Chawla, the DIPAM secretary, said all three firms were “market-ready”, and noted that the government wanted to pursue a handful of large transactions after completing a series of share sales in existing public sector companies.
Mahanadi Coalfields has already moved furthest through the process. Business Today reported that the draft red herring prospectus has been filed, while preparations for the other two offerings are still under way. Kotak Neo said the proposed float is structured as an offer for sale by Coal India, rather than a fresh issue, which would allow the parent company to sell part of its holding without diluting the companies’ operating capacity. Industry trackers have also said the listing is expected to be routed through both the Bombay Stock Exchange and the National Stock Exchange.
The planned debut of India Infrastructure Finance Company would extend the government’s push into newer corners of the state sector market. IIFCL was set up in 2006 to provide long-term funding for infrastructure projects, including roads, power and public-private partnerships. A separate listing would give investors direct exposure to a government-owned financier whose core business is tied to capital-intensive infrastructure development, an area the Centre has repeatedly identified as central to growth.
The two coal subsidiaries would also deepen the market’s exposure to Coal India’s production base. Business Standard reported earlier that Coal India board approval had paved the way for Mahanadi Coalfields and South Eastern Coalfields to be listed, after the successful market debuts of Bharat Coking Coal and Central Mine Planning and Design Institute earlier in 2026. Mahanadi Coalfields, incorporated in 1992, operates in Odisha’s Talcher and Ib Valley coalfields, while South Eastern Coalfields, established in 1985, mines in Chhattisgarh and Madhya Pradesh. Coal India chairman B Sairam said those listings were intended to unlock value and broaden access to capital markets.
The wider programme sits alongside another round of infrastructure monetisation. Business Today reported that the Centre is also preparing a second public infrastructure investment trust for fiscal 2027, backed by stretches of national highways. That would follow the first public InvIT launched in March 2026, which raised about ₹9,200 crore, and continues the government’s effort to recycle capital from mature assets into new projects. The move comes as the Centre also advances the sale of its 60.72% stake in IDBI Bank, a transaction it says could close by the end of fiscal 2027, subject to regulatory approval.
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