Companies

E-auction fetches Rs 4,929 cr more for Coal India units

PTI New Delhi | Updated on March 19, 2012 Published on March 19, 2012

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Units of state-owned CIL earned Rs 4,929 crore more from sale of coal through e-auction in the first 11 months of the current fiscal than what they would have earned, if the fossil fuel was sold at notified prices.

“Coal India Ltd (CIL) is earning some profits by sale of coal through e-auction. The subsidiary companies of CIL have earned an additional amount of Rs 4,929.29 crore over the notified price, during the period April 2011 to February 2012,” Minister of State for Coal, Mr Pratik Prakashbapu Patil said in a written reply to the Rajya Sabha.

Under e—auction, coal is sold at spot market price. Around 10 per cent of the total coal produced by state—run CIL is sold through e—auction.

In his reply, the Minister also said the average minimum and maximum e—auction price of the subsidiary firms of the PSU in the April—February period had been Rs 2,611.26 per tonne and Rs 2,933.90 per tonne respectively.

“Their average notified price during the above period was Rs 1,647.38 per tonne,” he said.

Published on March 19, 2012
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