WCL offers flexible coal auction during COVID-19

WCL offers flexible coal auction during COVID-19

Agency News

Nagpur, May 5: In a bid to extend helping hands and support to its consumers during the ongoing crisis of COVID-19, Western Coalfields Ltd (WCL), a subsidiary of Coal India Ltd, has offered flexible route of spot e-auction of coal on May 20, a statement said on Tuesday. According to the statement, it will not only help in providing immediate financial relief to the consumers but will also give them opportunity to plan their post-lockdown coal requirement.

WCL has offered special spot e-auction of coal for a validity period of three months. The volume of coal offered is 3.5 million tonnes which is also high. Normally, spot auction is being done with coal lifting period of 45 days only and coal offered is below 1 million tonne. The payment has to be made within 10 days. With this flexible offer, consumers will have option to book the quantity in advance and can make payment and lift coal as per their requirement during next three months, the statement further said. This relief to the consumers during the present lockdown situation will be in succession to the reduction in floor price of coal auction already implemented on the directives of Ministry of Coal & Coal India. Earlier, the floor price of coal for auction was fixed adding 30% over notified price for some specific mines and 40 per cent in case of other mines.

Now, all auctions are being done at notified price which is giving substantial financial relief to consumers. The successful bidder and the coal company shall have the option of mutually deciding the monthly lifting schedule.(UNI)