This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
CESC Limited operates coal-fired power generation as a core business activity. The company owns and operates two thermal power plants with a combined capacity of 1,225 MW, which are predominantly fueled by coal. This generation supplies electricity to its distribution network under a 99-year concession for Kolkata and surrounding areas.
The company has been directly implicated in India's long-running coal allocation scandal. In September 2022, the Central Bureau of Investigation (CBI) filed a fresh First Information Report (FIR) against CESC Limited and other RPG Group companies. The case alleges irregularities in the allocation of coal mining blocks to the group for power generation dating back to the 1990s, following a decade-long preliminary enquiry. A 2023 report notes that shell companies within the RPG Group were allowed to undercut competition in government coal auctions.
CESC Limited operates regulated electricity distribution in Kolkata, India, with a generation fleet that is heavily reliant on fossil fuels. The company's power plants are primarily coal-fired, with coal accounting for approximately 85% of its total installed capacity of 1,225 MW as of its latest disclosures. This makes its power generation among the most carbon-intensive in the Indian utility sector.
While the company publishes ESG reports highlighting a dedication to renewable energy, its operational reality and capital expenditure remain anchored in fossil-based thermal power. There is no publicly announced plan to phase out its coal-fired generation assets.
CESC Limited operates coal-fired power plants as its core electricity generation business. The company’s environmental record includes documented contamination incidents linked to its operations. In one case, the Calcutta High Court admitted a writ petition concerning environmental pollution allegedly caused by the company, indicating formal legal scrutiny of its environmental impact. The company’s own environmental impact assessments for its projects reference the identification of toxic element contamination, such as mercury, stemming from industrial operations. While CESC publishes ESG reports detailing environmental initiatives, the documented legal challenges and assessment findings point to a history of ecological harm associated with its power generation activities.
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Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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