mjunction services, India's largest e-commerce company, has announced the launch of forward e-auction of coal, the country's first ever future e-auction for purchase of coal today.
Developed by coaljunction – a strategic business unit of mjunction, dedicated to e-sales of coal, the forward e-auction is aimed to distribute coal online to consumers requiring an assured supply over an extended period. The initiative has been taken by Coal India (CIL) and the first forward e-auction is for Western Coal Fields on 17 August 2009.
Having sold over 60 million tonne of coal for CIL, all its subsidiaries and Singareni Collieries and others, coaljunction has emerged as a frequently-used e-auction platform for online sales of coal for coal producers in India.
The commencement of forward e-auction is also an important part of the "action plan/agenda for the first 100 days of the new government."
The e-auction process is designed in a way to empower the small and large actual consumers through its transparent, efficient and hassle-free process. It will offer a wide range of choice to book and buy coal online for a period of 12 months consisting of four equal quarters.
The forward e-auction of coal will also provide equal opportunities to all intending coal consumers in India to purchase coal for their own consumption as per requirement and at a predetermined price through the process of online bidding.
Viresh Oberoi, managing director, mjunction services, commented, ''Procuring goods and materials at the right time and at right price are extremely crucial to efficiency in business operations. Our forward mechanism to purchase coal online will thus create a positive impact in procurement as well as operational management process.''
Eligibility for participating in forward e-auction:
- All consumers of coal should be located and registered in India. Procurement of coal for own consumption and not for transfer, resale or export
- Requirement for participating in forward e-auction
- Valid registration as a buyer of coal
- Earnest money deposit corresponding to quantity required from desired sources
Methodology of forward e-auction of coal: Each forward e-auction shall be for a period of 12 months consisting of four equal quarters of three months each. The four quarters shall be fixed as January-March, April-June, July-September and October-December. In other words, forward e-auction year shall be a rolling year consisting of four quarters each. A consumer / bidder shall have the option of bidding minimum for any one quarter or up to all the four quarters in a forward e-auction year.
mjunction services limited is a 50:50 venture promoted by SAIL and Tata Steel. Founded in February 2001, it is today not only India's largest e-commerce company (having e-transacted worth over Rs45,193 crore till date) but also runs the world's largest e-marketplace for steel.