Board of coal india limited, Mutual fund company

The world's largest coal miner Coal India Limited on Thursday said it has issued a tender to import 2.42 million tonnes (MT) of coal, which will be used by state power generating companies (gencos) and independent power plants."In a first ever, Coal India Limited (CIL) on Wednesday floated an international competitive bidding e-tender, seeking bids for import of 2.416 million tonnes (MT) of coal," Coal India Limited said in a regulatory filing to the stock exchanges.The coal being sourced on behalf of the state generating companies (gencos) and independent power plants is based on the indents received from them. It is for the July-September period of the current fiscal year, the government-run miner said.There is a provision in the tender to accommodate a variation of above or below 30 per cent of the bid quantity.The coal being sought is 5,000 GAR (gross as received) thermal grade coal.Coal India Limited has issued the international tender for importing coal after the Government of India nominated CIL as a centralised agency to augment coal supplies to state gencos and independent power plants (IPPs) through import of coal, at a time when the demand for coal is high.Board of Coal India Limited at its meeting held on 2nd June gave its nod for the company to proceed ahead with the issuance of two international tenders for sourcing coal from overseas, a short-term and a medium-term tender.The current short-term tender for the import of coal, for Q2 of the financial year 2022-23, is source agnostic. This means the coal can be sourced from any country.Though coal import is an uncharted terrain for CIL, within a week of receiving indents from the 7 State Gencos and 19 IPPs, for a total of 2.416 MTs of coal, the company on a war footing has finalised and floated the tender, Coal India said in a statement.The last date for the receipt of bids is 29th June. There is an option of pre-bid meeting on 14th June to seek clarification on any nuances of the tender.After the price discovery, CIL shall immediately execute a contract with the successful bidder for supply of coal. Then the state owned coal miner shall enter into a back-to-back agreement with state gencos and IPPs to whom coal has to be supplied.The coal imported shall be routed through 9 ports located in east and west coasts of the country. The successful agency, selected through the bidding process, shall deliver coal at the doorstep of the power plants of state gencos and IPPs, the company said.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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Board of coal india limited, Latest News

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Business :Coal India issues maiden tender to import coal

The world's largest coal miner Coal India Limited on Thursday said it has issued a tender to import 2.42 million tonnes (MT) of coal, which will be used by state power generating companies (gencos) and independent power plants. ...