Coal India Eases E-Auction Norms to Boost Participation

Coal India Limited (CIL) is implementing new measures to ease e-auction norms by lowering earnest money and increasing the quantity of coal on offer. The company plans to revamp its auction methodology and is seeking bidder feedback. These steps aim to encourage greater participation and optimize coal distribution.

Coal India Limited (CIL) announced on Friday that it is taking significant steps to simplify e-auction norms, including reducing earnest money requirements and increasing the quantity of coal available for auction.

The company is also planning to revamp its auction and allocation methodology to attract more participants. Among the proposed changes are a shorter three-hour auction window, allowing consumers to change their mode of transport post-bidding without extra costs, and permitting single bidders to place up to four bids per basket.

This move aims to lower the earnest money deposit from Rs 500 to Rs 150 per tonne, which is expected to increase participation by freeing up more capital for consumers. Coal India is committed to meeting the domestic demand and ensuring a steady supply of coal as evidenced by the increased loading rates.

(With inputs from agencies.)