Coal India Limited (CIL), in its 412th CIL Board held on 25.09.2020, had deliberated upon the issue of fixing the reserve price of coal, along with an add-on over notified price, under various e-auction schemes post September 2020.
A detailed deliberation took place in the board meeting regarding the above-mentioned issues, with the board concluding on the following developments to be implemented thereof.
Firstly, the board noted that the reserve price of e-auction under all schemes would be kept at a maximum of 10% over the respective notified prices for e-auction which would be held in the month of October ’20.
Secondly, the Board gave its approval for the restoration of the earlier practice of fixing the reserve price of all e-auction to subsidiary coal companies from 1st November ’20, leading to the fixing of reserve price for all e-auction schemes for any source as per the current market conditions.
Thirdly, adding further to the earlier statement, the Board also gave its approval for the WCL to be empowered so that it can fix the reserve price of coal offered from cost plus projects.
And lastly, the Board instructed all the Subsidiaries to regularly intimate the CIL about the reserve price fixed by them from time to time.
In view of the above-mentioned development, the CIL concluded by requesting the Subsidiaries coal companies to take the necessary actions accordingly.
