Coal India subsidiaries to have autonomy in base e-auction price from Nov

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Coal India subsidiaries will

have autonomy in fixing the base price for e-auction coal from November depending on demand, sources said on Monday.

Currently, the base price is kept aligning with the notified price but with the realisation trend improving, the dry fuel miner has decided to allow the respective subsidiaries to fix the base price depending upon their ground situation, the sources said.

The latest e-auctions from Central Coalfields and Eastern Coalfields are fetching high premium and going forward Coal India expects 15-20 per cent premium from auctions as demand remains strong in September and October.

The company recently said coal allocation under its four e-auction windows registered about 65 per cent year-on- year rise during the first half of the current financial year.

"Coal India Ltd (CIL) booked 41.4 million tonnes raw coal in e-auctions during April-September 2020, compared with 25.1 million tonnes booked in the corresponding period last fiscal," the miner said.