Coal India to launch e-auction for forward contracts on Jun 27

[K.Karthik Raja]

Coal India to launch e-auction for forward contracts on Jun 27
Thursday, June 5

KOLKATA - Coal India Ltd will launch e-auction for forward
contracts of
coal from Jun 27, Jawahar Lal Goel, chief general manager
(commercial), told
Newswire18 today.
The e-auction was originally supposed to start on Mar 28 with coal
sourced
from Coal India's arm Western Coalfields Ltd, but had been deferred to
Apr 16.
For the e-auction on Jun 27, coal sourced from Eastern Coalfields
Ltd will
be put on sale.
The state-run company has also revised its e-auction guidelines to
allow
cement companies who have existing linkages or supply agreements to
participate
in the e-auction, Goel said.
The delay in starting e-auction for forward contracts was due to
opposition
from actual users of coal like cement, sponge iron, and independent
power
producers who wanted some more time for getting registered.
"We have circulated the revised registration process that we
believe will
satisfy a larger section of prospective bidders. The changes in the
registration process have been incorporated keeping in mind the
suggestions
we have received from the coal buyers," Goel said.
Bidders have also been allowed to submit recommendation letters
from the
State Director of Industries certifying the existence of the unit and
actual
usage of coal, against an earlier requirement of a mandatory letter
from the
ministry concerned.
In the absence of electricity connection for running their
manufacturing
facility, bidders can now submit a proof of illumination of office
premises.
End