Coal India is set to launch its own online auction platform
Coal India Ltd is set to launch its own online auction platform, and the major mining company has notified new and existing bidders to register on the portal, a senior company official said.
Currently, the electronic auction portal is operated by mjunction and the state-owned company MSTC Ltd.
Electronic auctions represent around 120 million tonnes a year for Coal India, while the rest is sold under fuel supply agreements and other special sales windows.
The online miners’ auction portal was developed by the National Computing Center and supported by CIL’s subsidiary, Central Mine Planning & Design Institute Ltd.
“We plan to start in-house electronic coal auctions within the next six months. Let the auctions run with the volume, and then we’ll know the cost benefits,” the official said. PTI.
The Coal India e-auction is executed in a 60:40 ratio between mjunction and MSTC.
“We appreciate Coal India’s decision. We designed, developed and introduced the electronic auction 15 years ago, and we continue to offer the service without any grievance,” a senior mjunction executive said of the development.
The Center is also considering introducing a coal exchange after considering consumer feedback. It had appointed Crisil as a consultant for the proposed exchange, and a report on it is expected within the next six to nine months.
“We want to create a strong platform for private coal mining companies… where buyers and sellers can meet when there is plenty of coal to offer after commercial mines start producing. It will have regulatory oversight,” Coal Secretary AK Jain had recently said in Kolkata.
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