Coal India discontinues Forward e-auction Scheme 2007

Kolkata, Jan 22 (IANS) Following special forward e-auction for power sector and exclusive e-auction for non-power consumers being conducted in a “regular manner”, Coal India Ltd (CIL) has advised its subsidiaries to stop conducting the Forward e-auction Scheme 2007.

“In view of the fact that ‘Special Forward e-auction’ for power and ‘Exclusive e-auction’ for non-power consumers are now being conducted in a regular manner, it was decided to discontinue with the ‘Forward e-auction Scheme 2007’. Coal companies are accordingly advised to stop conducting ‘Forward e-auction Scheme 2007’ immediately,” CIL said.

“If there are any residual bookings against already conducted forward e-auction, the same may be allowed to be completed,” it added.

Meanwhile, the coal miner envisages selling 10 per cent of its annual output in the next three years via e-auction, for which it invited bids from service providers.

State-owned MSTC Ltd and mjunction Ltd, jointly owned by Tata Steel and the Steel Authority of India Ltd (SAIL), are existing service providers.

“Considering about 10 per cent of the estimated coal production of CIL to be sold through e-auction process during the next three years, it is estimated that about 235 million tonnes of coal and coal products shall be sold through e-auction by CIL.

“This is an indicative position only. The quantity to be sold through e-auction would be reviewed from time to time by Ministry of Coal,” CIL said in a tender document.