Government-owned Coal India is all set to launch its e-auction platform. The mining giant has informed new and existing bidders to register on the company’s portal.
Currently, the e-auction portal is managed by state-owned MSTC Ltd and mjunction.
Annually, e-auction sales account for around 120 million tonnes for Coal India, while the remaining is sold through fuel supply agreements and other special sales windows.
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Coal India’s dedicated e-auction portal has been developed by National Informatics Centre and supported by the CIL subsidiary Central Mine Planning & Design Institute Ltd.
“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.
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At present, the e-auction of Coal India is executed in the ratio of 60:40 by mjunction and MSTC.
“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,” a senior executive of mjunction said on the development.
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The government is also planning to introduce a coal exchange after taking into account consumer feedback. It had appointed Crisil as a consultant for the proposed exchange, and a report in this regard is expected in the next six-nine months.
“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,” Coal Secretary AK Jain had recently said in Kolkata.
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On Wednesday, Coal India Ltd (COALINDIA) shares closed at Rs 186.35 on the National Stock Exchange (NSE).