State-run Coal India Ltd (CIL) has incorporated a wholly owned subsidiary in Singapore to pursue overseas opportunities in critical minerals, as India’s largest miner seeks to diversify beyond coal.
CIL incorporated CIL Global Pte. Ltd. in Singapore on August 24, with the subsidiary tasked with exploring and developing overseas opportunities for critical mineral asset acquisition, managing overseas investments and providing structural flexibility for future acquisitions, according to a stock exchange filing on Monday.
The Singapore entity is classified as a mining company and is fully owned by Coal India. CIL has subscribed to 500,000 shares at S$1 each, making the initial equity investment S$500,000.
The development follows a Business Standard report in May that the company planned to establish subsidiaries in Singapore and Chile during the current financial year to pursue overseas opportunities in critical minerals and coking coal.
CIL CMD B Sairam had told Business Standard that the Singapore subsidiary would serve as CIL’s platform for Australia-focused collaborations in critical minerals, rare-earth elements, copper and coking coal.
“We are trying to collaborate with some of the good mining operators in Australia in the field of critical minerals, rare earths, coking coal and copper. All these things are presently at the due diligence stage,” Sairam said.
The Singapore and Chile subsidiaries were also expected to handle more than mining, including processing, beneficiation, logistics, regulatory clearances and market linkages across the critical-minerals value chain.
CIL’s overseas push comes alongside its growing domestic focus on critical minerals and rare earths. The company has secured four mineral blocks through Ministry of Mines auctions, including two critical-mineral blocks and two rare-earth element blocks.
Among these is the Oranga-Revatipur graphite and vanadium-bearing block in Chhattisgarh. Sairam had said in May that the block had moved to an advanced stage, with mining expected to begin within three to four years. The investment requirement was estimated at around ₹430 crore, while projected revenue over the block’s 10-year mine life was estimated at around ₹2,500 crore.
Sairam had said that the company was also exploring opportunities in beach sand minerals under the Centre’s proposed rare-earth corridor spanning Andhra Pradesh, Kerala, Odisha and Tamil Nadu.
The Singapore incorporation required approvals from the Ministry of Coal and the Department of Investment and Public Asset Management, according to the filing.