Coal India plans to launch its own e-auction platform within six months
Premium- Annually, e-auction sales account about 120 million tonnes for Coal India, while the remaining is sold through fuel supply agreements and other special sales windows.
Government-owned Coal India is planning to launch its own e-auction platform. New and existing bidders are informed to register on the company's portal.
Currently, state-owned MSTC and mjunction manage the e-auction portal.
"We expect to commence in-house coal e-auction in the next six months. Let the auction happen with volume, and then we will come to know about the cost benefits," the official told PTI.
Annually, e-auction sales account about 120 million tonnes for Coal India, while the remaining is sold through fuel supply agreements and other special sales windows.
It is being known that the National Informatics Centre has developed Coal India's e-auction dedicated portal while the same is supported by the miner's subsidiary Central Mine Planning & Design Institute Ltd.
A senior executive of mjunction said on the development to the mentioned news agency that "We value Coal India's decision. We had designed, developed and introduced the e-auction 15 years ago, and are still carrying on with the service without any grievance."
Also, the government is intending to introduce a coal exchange after taking into account consumer feedback. The Centre had appointed Crisil as consultant for the proposed exchange, and a report in this regard is expected in the next six-nine months.
Recently, Coal Secretary A K Jain said, “We want to create a robust platform for private coal mining companies… where buyers and sellers can meet when there is a lot of coal on offer after commercial mines begin production. It will have a regulatory oversight."
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At present, Coal India's e-auction is executed by mjunction and MSTC in the ratio of 60:40.