Coal news and updates

CIL subsidiaries to offer coal via special forward e-auction

As part of its initiative to liquidate its rising stock, Coal India Ltd (CIL) has decided to offer an unspecified quantity coal to power sector consumers through a special forward e-auction (Phase-V) from March 30, 2016, as per the official notification of the company.

The platforms of mjunction services limited and MSTC are being used to conduct the auction. The timing will be announced by the service provider in its respective websites.

Subsidiary-wise auction dates:
 

According to a notice by CIL, “The reserve price for the power sectors consumers will remain at 10% over the notified price of coal for thepower sector and for captive power plants (CPPs) it will remain at 10% over the notified price for the non-power sector.”

This, however, is applicable to G6 and grades below it.

The largest coal producer has further informed that the successful bidders may deposit the coal value in two instalments as per the bidder’s choice. The first installment has to be deposited within 15 days of the auction date and the second installment by May 15, 2016.

Bidders who have already registered for participating in the earlier phase of the special forward e auction and special e auction and special e auction conducted earlier shall be eligible to participate subject to deposition of the required EMD.

Bio-mass-based power plants already commissioned shall be eligible to participate in this special forward e-auction.