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 Center and supported by CIL subsidiary Central Mine Planning & Design Institute Ltd.
“We expect to start 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 Center 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 AK Jain had recently said in Kolkata.