Western Coalfields Limited (WCL), a subsidiary of Coal India Limited (CIL), has provided a flexible spot coal auction route to provide customers with immediate financial relief and an opportunity to schedule their post-lock coal requirements.
According to an official statement by WCL, the amount of coal offered is 3.5 million tonnes, which is higher than the usual spot auction. Normally, spot auctions take place with a coal lifting period of just 45 days and the coal provided is less than 1 million tonnes. Payment must also be rendered within 10 days.
"WCL has offered special spot e-auction of coal for a validity period of 3 months. 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 sales are being conducted at the notified price in order to provide significant financial relief to customers. In addition, the successful bidder and the coal company will have the option of mutually deciding on a monthly lifting schedule, she added.
The successful bidder would be expected to make the payment of the monthly sum by the last day of the preceding month, and the participants would also have the option of sending the EMD in the form of a bank guarantee.
