Coal India to hold third phase e-auctions for power plants this month
- GST rate structure needs complete overhauling: Hasmukh Adhia
- Emaar India plans to raise Rs500 crore by March 2018
- Banking sector stares at additional Rs40,000 crore NPAs
- MFs pump $12 billion in equities, outshine FPIs’ investment
- Calcutta Stock Exchange seeks Sebi nod for setting up clearing corporation
New Delhi: Coal India Ltd (CIL) will this month hold special forward e-auctions for power producers, amid the government’s plans to provide round-the-clock electricity to all.
“Special forward e-auctions for 2016-17 for power producer phase III will be held this month,” an official said, adding that CIL subsidiaries such as Mahanadi Coalfields Ltd and Central Coalfields Ltd will hold the auctions.
The auctions will be held on 17, 20, 23 and 24 August, the official said.
The first phase of the auction was held by the public sector undertaking (PSU) in April while the second phase was held in May. The coal ministry had earlier said power producers being supplied coal through the MoU (memorandum of understanding) route by CIL will now have to take it via special e-auctions being conducted for the power sector as the government has decided not to extend the pact beyond 30 June.
In a communication to CIL, the government said that in order to ensure there is no disruption in coal availability to these plants, the MoU with the plants which expired on 31 March will not be extended beyond 30 June, so as to facilitate smooth transition to the special forward e-auction system of the coal PSU.
CIL, a major supplier of coal to the power sector, is also eyeing production of 1 billion tonnes by 2020. Coal India’s output for this fiscal is fixed at 598 million tonnes.