Coal India Limited is all geared up to launch its individual e-auction portal. The mining major has already informed several new and existing bidders to register themselves on this new portal.
Currently, the e-auction portal is being managed by the state-owned MSTC Limited along with mjunction.
E-auction sales round-up for about 120 million tonne annually for the Coal India Limited, as for the rest it is sold via fuel supply agreements and the special sales windows.
The National Informatics Centre has developed Coal India’s dedicated e-auction portal; it is also supported by the CIL subsidiary, Central Mine Planning and Design Institute Ltd.
It is expected that the in-house coal e-auction will be commenced in the next six months. Once the auction happens with the volume they learn about the cost benefits of the e-auction portal.
The e-auction portal of Coal India is executed between the mjunction and MSTC in a 60:40 ratio.
Mjunction has said that it values Coal India’s decision. They were the ones to design, develop, and introduce the e-auction 15 years ago. Even today they are continuing the same without any grievance.
The Centre further plans to introduce a coal exchange after receiving consumer feedback. Crisil had been appointed as a consultant for the proposed exchange. Furthermore, a report for the same is expected in the upcoming six to nine months.