NEW DELHI, OCT 12: The state-owned Coal India Limited (CIL) and Singareni Collieries Company Limited (SCCL) have earned incremental revenue of about Rs 30,000 crore through e-auction, Mjunction Services, a joint venture between steel behemoths Tata Steel and SAIL that pioneers in e-auction services, said.
“Between Coal India and Singareni Collieries Company (SCCL), they have earned an incremental revenue of about Rs 30,000 crore by adopting the e-auction system,” Mjunction Services said in a press statement.
In the earlier manual process, this amount would have largely gone to middlemen … This revenue which accrued to them helped them make more investments to increase their production besides making a number of CIL subsidiaries profitable.
The very first e-auction it conducted fetched 54 per cent above the notified price for Bharat Coking Coal Limited, a Coal India subsidiary. The unique methodology it put in place is still being followed, it said.
Till date, over 500 million tonnes of coal have been sold using this methodology.
Powered by superior technology, the e-auction method which is conducted in a live environment, eliminates any foul play and fetches a market-driven price for the seller and the correct quality and quantity for the buyer directly from the seller.
Mjunction Services offers a wide range of online selling, sourcing, finance, retail and knowledge services across diverse industry verticals.
