Coal India to conduct e-auction for non-power consumers on May 30-31

State-run miner Coal India announced it has decided to conduct the first phase of exclusive e-auction for non-power consumers for the current fiscal on May 30-31.

"Coal India Ltd has decided to conduct exclusive e-auction for non-power consumers including CPPs in the year 2016-17 under some modifications in the existing modalities of Exclusive E-Auction Scheme 2015-16 for operative convenience as part of 'ease of business' at CIL," a notice said.

A total of six million tonnes (mt) of coal will tentatively be offered by the miner for three months, or around two mt per month from May to July, the notice said.

According to the notice, bidders will have to bid for source-wise grade-wise quantity for aggregate of three months and month wise coal value to be deposited as per extant practice.

Coal India further said coal booked for May 2016 may be lifted up to October 2016, coal booked for June 2016 may be lifted up to November 16 and so on.

"The reserve price for non-power sector consumers and for captive power plants (CPPs) will remain at 10 percent over the notified price of coal for non-power sector. This, however, is applicable to G6 and below grades of coal," it said.

In the last fiscal, the miner produced 536.51 mt of coal against a target of 550 mt and its off-take stood at 532.26 mt.

The company set a target of 598.60 million tonnes production in the current fiscal.

--IANS

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