New Delhi: In less than a month of Coal India Limited (CIL) tweaking its e-auction coal sale policy, lifting the restriction on export of its coal procured by domestic coal purchasers under two e-auction windows, the first coal-laden rake left for Bangladesh on July 2, said CIL in an official statement on Monday. One rake consists of around 4,000 tonnes of coal below 2,200 gross calorific value. This is for the first time that coal was exported after the policy amendment.
The destination of the coal purchased under spot e-auction from Dahibari siding of Bharat Coking Coal Limited (BCCL), the Jharkhand-based coal producing subsidiary of CIL, is Rampal Power Station in Khulna, Bangladesh. This falls under Maitree Super Thermal Power Project — a joint venture between NTPC Limited and Bangladesh Power Development Board.
The Bangladesh-bound coal left the Indian shore from Syama Prasad Mookerjee Port, Kolkata, the sea route which links India and Bangladesh. Effective June 8, the Maharatna coal miner amended its e-auction sale policy allowing across the borders sale of coal bought under spot e-auction and special spot e-auction by domestic coal purchasers, including traders. This ushered the way for coal exports.
Both types of auctions are meant for all categories of Indian coal buyers and traders. Special spot e-auction though offers extended time for lifting coal.
"Though small in quantity, what is encouraging is that a beginning has been made. We look forward for more exports that would help in improved coal sales under the two categories of the auction platform," said a senior executive of the company. For April-June 2021 quarter, CIL has allocated 6.7 million tonnes (MTs) of coal under spot e-auction which is nearly one-fourth of the entire booked quantity of 27.3 MTs, fetching the company 30 percent add-on over the notified price. For the comparable period last year, the add-on was 16 percent under spot e-auction.
(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)