CIL to sell 4.65 million tones coal a year to cement cos via e-auctions
Coal India will supply 4.65 million tonnes of coal a year for the cement industry for five years through e-auctions starting Tuesday, a senior Coal India executive said.
It had recently offered 7 million tonnes to sponge iron firms, and received bids that were 39% higher than the notified price for the non-power sector.
The company hopes to garner similar premiums from cement producers as the sector faces a shortfall as coal was diverted to fuel-starved power plants.
According to the Coal India executive, of the 4.65 million tonnes on offer annually, 1.14 million tonnes can be procured each year through the railways, while the rest 3.51 mt would be supplied through roadways.