NEW DELHI | Oct 12, 2015: The state-owned CIL and Singareni Collieries Company ( SCCL) have earned incremental revenues of about Rs 30,000 crore through e-auction, Mjunction Services, a JV between Tata Steel and SAIL that pioneers in e-auction services, today said.
"Between Coal India and Singareni Collieries Company (SCCL), they have earned an incremental revenue of about Rs 30,000 crore by adopting the e-auction system," Mjunction Services said in a press statement.
"In the earlier manual process, this amount would have largely gone to middlemen... This revenue which accrued to them helped them make more investments to increase their production."
The very first e-auction it conducted fetched 54 per cent above the notified price for Bharat Coking Coal, a Coal India arm. The unique methodology it put in place is still being followed, it said.
Till date, over 500 million tonnes of coal have been sold using this methodology.
Mjunction Services offers a wide range of online selling, sourcing, finance, retail and knowledge services across diverse industry verticals.
(Source: http://economictimes.indiatimes.com/)