Categories: Business

Coal India launches special auction facility for coal importers, aims to reduce imports

Photo: GOOGLE

CIL introduces exclusive auction for coal importers

Kolkata. Coal India Limited (CIL) on Friday said that it has introduced a new category of spot e-auction only for coal importers and aims to reduce import of 150 million tonnes of coal from abroad with the help of domestic supplies. The special spot for import substitution will be the coal purchased under the e-auction scheme 2020 for use within the country.

A Coal India official said the move has been taken in preparation to work on the government's emphasis on self-reliant India plan to reduce dependence on coal imports. Import of 150 million tonnes of coal can be replaced by this new scheme.

The company said that the new program is in addition to the existing four categories of e-auction. Only importing buyers will be able to participate in this. The official said that CIL has formulated a new marketing strategy to replace imported coal with more domestic supply.

The company has identified domestic coal-fired power plants and sponge iron, cement, fertilizer, steel and other enterprises that are importing coal and which are its potential customers. He said that these segments of customers imported around 150 million tonnes of coal during the last financial year. Indian buyers, who have imported coal in the current financial year or in any of the last two financial years, are eligible to participate in this new edition of e-auction.

The company said that the minimum bid amount for a source in terms of transport by road is estimated at 25 thousand tonnes. It is 50 thousand tons for transport by rail, which is equivalent to 12 rakes. The official said that MSTC Limited and mjunction Services Limited will be the service providers for the new scheme.

This post was published on July 17, 2020 3:03 pm

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