CIL E-Auction Sales Jump 32 Pc In Q1

CIL E-Auction Sales Jump 32 Pc In Q1

State owned Coal India Ltd (CIL) has sold 32 per cent more coal through e-auction during the April-June quarter compared to the same period last year.

Revenue realisations for CIL from e-auction are normally 20-25 per cent higher compared to sale of coal under long-term contracts.

“The PSU coal mining behemoth has booked 32.7 million tonne of coal through different e-auction schemes during April-June 2017 against 24.8 million tonne in the same quarter in the previous fiscal, an increase of 7.9 million tonne,” CIL sources said.

In 2016-17, CIL had booked 113.8 million tonne of coal through e-auction mode.

The coal major was pushing coal in the e-auction mode to improve margin though there had been a gradual decline in the price.

The CIL has proposed that a total of 105 million tonne coal be e-auctioned from July 2017 to March 2018.

Currently, CIL offers coal under different e-auction schemes like spot e-auction, special forward e-auction for power producers, exclusive e-auction for non-power and special spot e-auction.

CIL coal production in the April-June quarter was 118.84 million tonne, 5.4 per cent lower compared to the same period last year.

 

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