Coal India's pre-bid meeting with prospective bidders

Coal India Limited (CIL) held three pre-bid meetings on 14th and 17th June with prospective coal importing agencies evincing interest in pitching in, in the three international competitive bidding e-tenders that the company had floated earlier in the month for import of coal. The overseas sourcing of coal by CIL was as directed by the government.

The meetings were scheduled to help the bidders keen on competing in the process, gain a better understanding of the bid document, scope of work and its finer shades and importantly iron out the crimps.

A total of eleven coal importers joined the session with CIL officials. The prominent Indian agencies among them were Adani Enterprises Limited, Mohit Minerals and Chettinad Logistics Private Limited. Couple of coal exporting agencies from abroad also have shown interest including one from Indonesia.

Important amendments in the tender that the bidders requested were, narrowing the time window of the bid price validity from 90 days to 60 days.

Another was fixing time period for the supply of the first tranche of shipment, from the date of letter of award, between 4 and 6 weeks. Earlier, the supply schedule was based on a particular percentage of delivery in each of the months of the second quarter of FY'23.

Taking cognizance of their requests favorably, CIL amended the bid document and a corrigendum has already been floated on e-procurement portal to hasten the process without any bumps.

For the coal that lands on the Indian shores coal quantity assessment and quality testing shall have to be done through CIL's empaneled third party sampling agencies' CIL had previously floated a short term indent based international competitive bid for 2.416 million tonnes (MTs) of coal to source coal from overseas on behalf of State gencos and Independent Power Plants (IPPs) for blending with the domestic coal.

Close on the heels of this, two more medium term tenders for sourcing 3 MT each at the western and eastern ports of the country were floated to keep coal on tap for immediate availability and future use.

Last date or receipt of bids for short-term tender is 29 June while that of medium term is 5 July.

Shares of Coal India Limited was last trading in BSE at Rs. 184.85 as compared to the previous close of Rs. 176.90. The total number of shares traded during the day was 493596 in over 5563 trades.

The stock hit an intraday high of Rs. 185.60 and intraday low of 177.50. The net turnover during the day was Rs. 90016193.00.

Source : Equity Bulls

Keywords

CoalIndia INE522F01014 PreBidMeetings CoalImport