Trials for Coal India's in-house e-auction platform to begin in May

Trials for Coal India's in-house e-auction platform will begin in May, a senior official said on Thursday

Press Trust of India Kolkata
Coal India

Photo: CIL website

Listen to This Article

Trials for Coal India's in-house e-auction platform will begin in May, a senior official said on Thursday.

At present, the e-auctions are conducted through external agencies such as MSTC Ltd and mjunction Ltd.

Within the next three-four months, all e-auctions of the state-owned Coal India will move to the in-house platform, which has been developed by the National Informatics Centre (NIC) with the assistance of Central Mine Planning & Design Institute, the official said.

"We expect to begin trials of the in-house platform in the first or second week of May with the e-auction of coal from Central Coalfields Ltd. The next one will be Bharat Coking Coal Ltd (BCCL) in the second phase of the trials," a senior Coal India official said.

The total coal sold via e-auction per year is around 100 million tonne or about 15 per cent of the production, while the rest is sold through linkages. Coal India fetches a significantly higher price on the coal sold through e-auction, he said.

In 2023-24, Coal India's production was 703 million tonne.

Also Read

WPL auction: Smriti Mandhana goes to Royal Challengers for Rs 3.4 cr

CIL coking coal production sees quantum leap of 8MT, rises by 17% in FY23

IPL 2023 Auction: Here's a look at which team retained, released whom

CoalMin launches largest-ever commercial coal auction of 141 mines

IPL Mini Auction 2023: Five players who will rake in the moolah in Kochi

Hinduja's offer to infuse Rs 300 cr more in Reliance General Insurance

Swiggy partners 'Apna' to create 10K jobs for Instamart this year

VC firm Burda Investments may sue ex-Zilingo CEO Ankiti Bose: Details here

Coming Soon on JioCinema app: Hollywood content from Warner Bros, HBO

ATC seeks to sell majority a stake, open to 100% sale and exit India

Around 1,500 bidders have already registered on the in-house platform, the official said, adding that the figure is expected to rise to 5,000 in the future.

At present, mjunction -- a JV between Tata Steel and SAIL, and public sector undertaking (PSU) MSTC Ltd execute Coal India's e-auction at a ratio of 60:40.

(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.)

First Published: Apr 27 2023 | 3:13 PM IST

Explore News