The MoU was signed on 8 October 2025, in Kolkata, and the official announcement was also made on the same day, after market hours.

Ircon International is a public sector construction company with an emphasis on infrastructure projects, with a specialization in the execution of railway projects on a turnkey basis and otherwise. After commencing business as a railway construction company, it diversified progressively to roads, buildings, electrical substations and distribution, airport construction, commercial complexes, as well as metro rail works.

The company’s consolidated net profit dropped 26.75% to Rs 164.10 crore in Q1 FY26, compared to Rs 224.03 crore in Q1 FY25. Revenue from operations declined 21.89% to Rs 1,786.28 crore during the quarter, compared to Rs 2,287.13 crore in the same quarter last year.

Coal India is a coal mining company engaged in the production and sale of coal. As of 30 June 2025, the Government of India held a 63.13% stake in the company. The company has posted a 20% fall in consolidated net profit to Rs 8,734 crore on a 4% fall in net sales to Rs 31,880 crore in Q1 FY26 as compared with Q1 FY25.

Shares of IRCON International slipped 1.06% to Rs 177.15, while shares of Coal India rose 0.22% to Rs 383.05 on the BSE.