Coal India launches special category of e-auction for coal importers

Topics Coal India | coal import

The company executive said CIL is on a “mission mode to substitute imported coal with its own to step up its supplies”.
Coal India (CIL) on Friday launched a special category of e-auction for importers of coal. This is in line with the government’s declaration to bring down coal imports to zero.

Any customer who imported coal during the current year and any of the last two financial years is eligible to participate in this, said the national coal miner.

The minimum bid quantity is pegged at 25,000 tonnes for companies that use road transportation. For those using the rail mode, it is 50,000 tonnes, which is equivalent to 12 rakes. One rake is equivalent to 59 rail wagons.

The company said customers can bid for further incremental quantities of coal if they need.

“This move is in a bid to attain the government’s thrust on reducing coal import dependency of the country under the Aatmanirbharta plan. It would also open a new avenue for our coal companies to step up their sales,” said a CIL executive.

The e-auction would take place on the website of MSTC and Mjunction Services. CIL will soon announce the auction calendar for August 2020-March 2021 period, said the executive.

The executive said CIL is on a “mission mode to substitute imported coal with its own to step up its supplies”.

“In the process, the company has identified domestic coal-based power plants and non-power sector consumers largely made up of sponge iron, cement, captive power producers, fertilisers, steel and others who are importing coal as potential customers. These segments of customers have imported around 150 million tonnes of coal during the last fiscal year,” said CIL executive.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel