Coal India Ltd (CIL) is planning to sell 10% of its annual output in the next three years via e-auction, for which it is inviting bids from service providers.
State-owned MSTC Ltd and mjunction Ltd—jointly owned by Tata Steel and the Steel Authority of India Ltd (SAIL) — are the two existing service providers.
CIL has been conducting its e-auctions through the two service providers since the process started in 2005.
The country’s near-monopoly coal miner is set to sell 235 million tonne (mt) through the process during this year that comes to a yearly average of 78 mt. It had sold 51 mt and 80 mt in fiscals 2015 and 2016, respectively. Read More…