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Kolkata, May 3 The Union Coal Minister, Mr Santosh Bagrodia, on Saturday said that as an anti-inflationary measure Coal India would market a total of 40 million tonnes (mt) of coal through e-auction during May-July, higher than the projected offering for the entire 2008-09.

CIL will also absorb the cost-push during this fiscal to minimise the inflationary pressure on the economy.

Coal India was previously slated to sell three million tonne of coal a month through e-auction and forward e-auction route during 2008-09.

The total offering for the current fiscal was estimated to be 38 million tonne, roughly 10 per cent of its total production in 2007-08.

“CIL has an inventory of 47 mt of coal which will be liquidated to immediately increase the offering in e-auction, which is accessed by small and medium scale consumers,” the Minister said adding that CIL would offer 15 mt each in May and June followed by 10 mt in July as against the scheduled offering of three mt a month.

“We will flood the market so that no one pays a premium on coal,” Mr Bagrodia said at a press conference here on Saturday.

The Coal Ministry has already initiated discussions with the Union Railway Ministry for helping minimise the inventory level.

According to Mr Bagrodia, while CIL had already entered into a MoU with his Ministry for increasing production by 6.5 per cent from 379-405 mt in 2008-09, efforts are on to increase production beyond the targeted levels.

Coal India officials later clarified that while the company would not reduce the reserve or floor price for selling the coal, increased offerings were expected to bring down the sale prices closer to the level of the reserve price.

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