CIL gets 100% booking in first single-window e-auction
COAL & MINING

CIL gets 100% booking in first single-window e-auction

On Wednesday, Coal India Limited (CIL) said its first-ever offer of 5.2 lakh tonnes of coal under the newly revamped single-window e-auction received an impressive response from coal consumers as 100% of the offered quantity got booked.

After merging their earlier auction windows into one, CIL conducted an online auction in two of its subsidiaries.The entire quantity of 3.2 lakh tonnes offered by Northern Coalfields Limited was fully booked under the newly structured auction window on March 3rd, 2022.

CIL official told the media that in a similar way, around 1.98 lakh tonnes placed under the sole e-hammer by Eastern Coalfields Limited were ordered totally.

The Cabinet Committee on Economic Affairs (CCEA) had a meeting on February 26, where they approved the idea of one single spot e-auction window by coal companies for all consumers. This unique system will lead to uniform market-discovered prices for different grades of coal. Consumers from regulated and unregulated sectors as well as traders now have to contend under one common window when buying or selling this commodity.

CIL’s offer of e-auction coal is now mode agnostic, which means they will not specify the transportation method of coal. Earlier, the model for coal booked under different auctions used to be specified; with rail as the default mode and customers having the option to choose their preferred transport of rail or road.

Image Source

Also read: Coal India's operations aims to become net-zero in next 4 years

On Wednesday, Coal India Limited (CIL) said its first-ever offer of 5.2 lakh tonnes of coal under the newly revamped single-window e-auction received an impressive response from coal consumers as 100% of the offered quantity got booked. After merging their earlier auction windows into one, CIL conducted an online auction in two of its subsidiaries.The entire quantity of 3.2 lakh tonnes offered by Northern Coalfields Limited was fully booked under the newly structured auction window on March 3rd, 2022. CIL official told the media that in a similar way, around 1.98 lakh tonnes placed under the sole e-hammer by Eastern Coalfields Limited were ordered totally. The Cabinet Committee on Economic Affairs (CCEA) had a meeting on February 26, where they approved the idea of one single spot e-auction window by coal companies for all consumers. This unique system will lead to uniform market-discovered prices for different grades of coal. Consumers from regulated and unregulated sectors as well as traders now have to contend under one common window when buying or selling this commodity. CIL’s offer of e-auction coal is now mode agnostic, which means they will not specify the transportation method of coal. Earlier, the model for coal booked under different auctions used to be specified; with rail as the default mode and customers having the option to choose their preferred transport of rail or road. Image Source Also read: Coal India's operations aims to become net-zero in next 4 years

Next Story
Real Estate

Jharkhand to Allot 181 Flats via Online Lottery in February

The Jharkhand State Housing Board (JSHB) will allot 181 houses and flats through an online lottery system starting February. The process will be held for the first time entirely online, and interested applicants can apply from February 10 to March 10 via the JSHB's official website. Properties will be available under different categories, with the allotment based on a 90-year lease. Categories include Economically Weaker Section (EWS), Lower Income Group (LIG), Middle Income Group (MIG), and Higher Income Group (HIG), with varying sizes of houses and prices. For EWS, houses will have a super b..

Next Story
Infrastructure Urban

UP Cabinet Okays Municipal Bonds for Infrastructure

In a significant move aimed at bolstering infrastructure development in Uttar Pradesh, the state Cabinet approved the issuance of municipal bonds for the cities of Prayagraj, Varanasi, and Agra. The decision was made during a cabinet meeting chaired by Chief Minister Yogi Adityanath, which took place in the Maha Kumbh Mela area in Prayagraj. The new initiative will see the issuance of municipal bonds, enabling these cities to raise funds from the market for infrastructure projects. For every billion raised through these bonds, the state government will provide an additional Rs 130 million as ..

Next Story
Infrastructure Urban

Haryana Proposes New Policy on Tree Felling

The Haryana government has proposed a new policy on tree felling across non-forest land, which would remove the requirement for approval in urban areas on plots allocated by government bodies for residential, industrial, or infrastructure development. Currently, the forest department’s consent is mandatory for tree felling. The proposed policy seeks to replace all previous directives on tree felling outside forest areas, including those areas notified under Section 3 of the Punjab Land Preservation Act (PLPA), 1900. A committee is set to be formed to finalize the policy and revise compensat..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000