Coal India Ltd (CIL) advises its subsidiaries to stop Forward e-auction Scheme 2007

Kolkata, Jan 22, 2017: Following special forward e-auction for power sector and exclusive e-auction for non-power consumers being conducted in a "regular manner", Coal India Ltd (CIL) has advised its subsidiaries to stop conducting the Forward e-auction Scheme 2007.

"In view of the fact that 'Special Forward e-auction' for power and 'Exclusive e-auction' for non-power consumers are now being conducted in a regular manner, it was decided to discontinue with the 'Forward e-auction Scheme 2007'. Coal companies are accordingly advised to stop conducting 'Forward e-auction Scheme 2007' immediately," CIL said.

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"If there are any residual bookings against already conducted forward e-auction, the same may be allowed to be completed," it added.

Meanwhile, the coal miner envisages selling 10 percent of its annual output in the next three years via e-auction, for which it invited bids from service providers.

State-owned MSTC Ltd and mjunction Ltd, jointly owned by Tata Steel and the Steel Authority of India Ltd (SAIL), are existing service providers.

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"Considering about 10 percent of the estimated coal production of CIL to be sold through e-auction process during the next three years, it is estimated that about 235 million tonnes of coal and coal products shall be sold through e-auction by CIL.

"This is an indicative position only. The quantity to be sold through e-auction would be reviewed from time to time by Ministry of Coal," CIL said in a tender document. (IANS)