Coal India (CIL) on Wednesday said its first ever offer of nearly 5.2 lakh tonne (LT) of coal through the single e-auction window was 100% booked. This could spur more auctions via the solitary window.
CIL conducted e-auction in two of its subsidiaries — Northern Coalfields offering 3.2 LT and Eastern Coalfields offering 1.98 LT — and single auction window serves all segments of consumers now.
The Cabinet Committee on Economic Affairs recently allowed sale of non-linkage coal through a single e-auction window for regulated, non-regulated sectors and traders as well. ” The offers from now onwards will be mode agnostic, which means, the company will not specifically mention transportation mode of coal, ex-colliery,” an official said.
CIL has constituted a committee of the marketing and sales to smoothen any crimps arising out of the modified system.The aim is to discover true market price.Previously, same coal used to fetch different prices in different e-auction windows,” the CIL official said, adding that the new system would increase transparency with all the offered coal placed in a single basket.This would ensure level playing field for all consumers with same price structure eliminating cartelisation with wider base of participation.
While CIL officials didn’t want to comment on the premium commanded above the auction notified price, they were of the view, the move was to enhance commercialisation of CIL’s coal sales.
