Bharat Coking Coal Limited (BCCL) **Overview** Bharat Coking Coal Limited (BCCL), a subsidiary of Coal India, has announced a strategic roadmap focused on capacity expansion and modernization. The company aims to leverage rising domestic steel demand to drive growth while maintaining financial autonomy regarding capital expenditure. **Key Highlights** * **Capital Allocation & IPO Structure:** BCCL will fund its expansion and modernization initiatives entirely through internal cash flows. Consequently, the upcoming Initial Public Offering (IPO) will be structured as a pure Offer for Sale (OFS), with no fresh equity issuance or capital injection into the company. * **Financial Outlook:** The company has set a sustainability target to achieve and maintain an annual profit exceeding **₹2,000 crore**. * **Operational Strategy:** A primary focus is placed on value addition, with plans to **double coal washing capacity**. * **Revenue Optimization:** Management projects that the shift toward washed coal will significantly enhance margins, estimating realizations up to **3x higher** than unwashed coal. * **Market Drivers:** The expansion strategy is underpinned by projected robust growth in the steel sector, which drives the demand for high-quality coking coal.