Coal India permitted to sell more coal by e-auction

New Delhi: State miner Coal India Ltd. (CIL) has been permitted to sell an increased amount of its coal through e-auction where the fuel is sold at spot market prices.

An official source told IANS on Wednesday that CIL has been notified that beginning this fiscal, it has been permitted to revert to the earlier system where the company was allowed to sell up to 10 percent of coal through e-auction.

Last year, Coal India sold 7 percent of the total sales through e-auction.

Union Coal and Power Minister Piyush Goyal had asked CIL to cut by half the quantity offered in e-auctions to 25 million tonnes so that power utilities can get more supplies of the fuel.

Coal India has achieved an output of 494.23 million tonnes in 2014-15, as against the target of 507 million tonnes.