Latest News | Trials for Coal India's In-house E-auction Platform Successful: Officials
Get latest articles and stories on Latest News at LatestLY. The trials for Coal India's in-house e-auction platform have been carried out satisfactorily, and the mechanism can have a full-fledged rollout across the company's coal-producing subsidiaries, officials said Sunday.
Kolkata, Aug 20 (PTI) The trials for Coal India's in-house e-auction platform have been carried out satisfactorily, and the mechanism can have a full-fledged rollout across the company's coal-producing subsidiaries, officials said Sunday.
A total of seven trial auctions involving nearly 18 million tonnes of coal have been conducted, they said.
The mining major has entrusted its wholly owned subsidiary Central Mine Planning & Design Institute (CMPDI) to rollout the in-house e-auction system, with technical assistance from the National Informatics Centre.
At present, external agencies like MSTC and mjunction are in agreement with Coal India to execute e-auctions of coal.
"During initial trials, there were some teething issues that were resolved by CMPDI and NIC officials. In subsequent e-auctions, the trials were conducted smoothly. The entire system is automated, without any manual intervention," one of the officials said.
"The charges are levied as per directions of Coal India," he said.
CMPDI has informed the state-owned miner that the in-house e-auction platform is ready for a full-fledged rollout in all its coal-producing subsidiaries, the officials said.
Around 1,500 bidders have already registered on the platform.
The successful trials of the in-house e-auction platform is a significant step forward for Coal India, as is expected to help the company improve efficiency and transparency, while also cutting costs.
The Kolkata-headquartered company auctions about 80-100 million tonnes of coal through the e-auction platform, and this mode fetches a higher price compared to the Fuel Supply Agreement (FSA) coal, which is heavily discounted to help keep electricity prices low.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)