Coal India to launch its own e-auction platform, asks bidders to register

Coal India Ltd is set to launch its own e-auction platform, and the mining major has informed new and existing bidders to register on the portal, a top company official said.

At present, the e-auction portal is managed by mjunction and state-owned MSTC Ltd.

E-auction sales account for around 120 million tonnes annually for Coal India, while the rest is sold through fuel supply agreements and other special sales windows.

The miner’s dedicated e-auction portal has been developed by National Informatics Centre and supported by 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.

E-auction of Coal India is executed in a 60:40 ratio between 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.

The Centre is also planning to introduce a coal exchange after taking into account consumer feedback. It had appointed Crisil as 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 A K Jain had recently said in Kolkata.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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