Western Coalfields Limited (WCL), a subsidiary of Coal India Limited (CIL), has offered a flexible route of spot e-auction of coal to provide immediate financial relief to consumers and give them an opportunity to plan their post-lockdown coal requirement.
An official statement by WCL said the volume of coal offered is 3.5 million tonnes which are higher in comparison to normal spot auction. Normally, spot auction is being done with coal lifting period of 45 days only and coal offered is below 1 million tonnes.
"WCL has offered special spot e-auction of coal for a validity period of 3 months. The payment has to be made within 10 days. With this flexible offer, consumers will have the option to book the quantity in advance and can make payment and lift coal as per their requirement during the next 3 months," the statement read.
Currently, all auctions are being done at the notified price to provide substantial financial relief to consumers. Moreover, the successful bidder and the coal company will have the option of mutually deciding the monthly lifting schedule, it added.
The successful bidder would be required to make the payment for monthly schedule quantity by the last day of the preceding month and participants will have the option of submission of EMD in the form of bank guarantee as well, it said.
( With inputs from ANI )