mjunction conducts India's first ever online forward eAuction for coal sales
The forward eAuction is an initiative by Coal India Limited; Empowers buyers with long term extended requirements
Tweet-- mjunction services limited, India’s largest eCommerce Company announced the launch of forward eAuction of coal, the country’s first ever future eAuction for purchase of coal today. Developed by coaljunction (www.coaljunction.in) – a strategic business unit of mjunction - dedicated to eSales of coal, the forward eAuction is aimed to eDistribute coal to consumers requiring an assured supply over an extended period. The initiative has been taken by Coal India Limited (CIL) & the first forward eAuction is for Western Coal Fields Limited (WCL) on August 17, 2009. Having sold over 60 million tonnes of coal for CIL, all its subsidiaries and Singareni Collieries Company Ltd (SCCL) and others, coaljunction is a preferred eAuction platform of coal eSales for coal producers in India.
The commencement of Forward eAuction is also an important part of the "Action Plan/ Agenda for the first 100 days of the new government."
The eAuction 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 on-line for a period of 12 months consisting of 4 equal quarters. The forward eAuction 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 pre-determined price through the process of on-line bidding.
Details on the forward eAuction conducted on August 17, 2009
HLC UG I (CHANDRAPUR AREA)
Grade CD MIX - Total Qty: 45,625mt,
Price/mt: Rs.2714/-
Transactional Volume: 12, 38, 26,250/-
MAHAKALI (CHANDRAPUR AREA)
Grade CD MIX- Total Qty: 1, 09,500mt
Price/mt:-Rs.2729/-,
TV=29, 88, 25,500/-
PIPLA UG (NAGPUR AREA)
Grade BC MIX- Total Qty: 1, 44,000mt
Price/mt:-Rs.2890/-
TV=41, 61, 60,000/-
Grand Total TV= 83, 88, 11,750/-
Mr. Viresh Oberoi, Managing Director, mjunction services limited 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. Our forward eAuction of coal is yet another instance of showcasing our innovation in supply chain management, ushering transparency and convenience into coal eSales and procurement using eCommerce.”
Methodology of Forward eAuction of coal: Each forward eAuction shall be for a period of 12 months consisting of 4 equal quarters of 3 months each. The four quarters shall be fixed as January-March, April-June, July-September and October-December. In other words, forward eAuction year shall be a rolling year consisting of 4 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 eAuction year.
Eligibility for participating in Forward eAuction:
· All consumers of coal should be located and registered in India. Procurement of coal for own consumption and not for transfer, re-sale or export.
Requirement for participating in Forward eAuctio
· Valid Registration as a buyer of coal
· Earnest Money Deposit (EMD) corresponding to quantity required from desired sources
Notes to Editor
About coaljunction (www.coaljunction.in)
coaljunction, powered by mjunction, is the coal sales division which enables the entire coal buying community in India to buy coal through the Internet. coaljunction having sold 60 million tonnes of coal through eSales on behalf of Coal India Limited (CIL) and its subsidiaries, the largest coal conglomerate in the world, Singareni Collieries Company Ltd (SCCL) and others coal producers, coaljunction has made the entire buying process not only simple but also transparent. While main motive for coaljunction to use the Internet for coal eSales was to ensure efficiency and transparency from the buyer's side, it has also brought about a fair market price realization for Coal India Limited and its subsidiaries. coaljunction’s eSales process for coal is now established as a best practice benchmark. coaljunction has managed to break many barriers and create many firsts in the coal market. coaljunction is the first business unit to bring some of the smallest buyers of coal, in direct touch with a giant conglomerate like Coal India Limited.
About mjunction services ltd (www.mjunction.in)
mjunction, founded in February 2001, offers a wide range of eSelling, eSourcing, eFinance and Knowledge services across diverse industry verticals that empower businesses with greater process efficiencies. mjunction is today not only India’s largest eCommerce company (having eTransacted worth over Rs.45, 193 crores till date) but also runs the world’s largest eMarketplace for steel. Business volume of the company in terms of Transaction Value has soared from Rs 94.35 crores in FY’02 to Rs 14,393 crores in FY’09, registering a spectacular CAGR of 105%.
mjunction has service offerings spanning the entire eCommerce spectrum and operates through – metaljunction.in, buyjunction.in, coaljunction.in, valuejunction.in, financejunction.in, autojunction.in, straightline.in, and mjunctionedge.
mjunction firmly believes that it has an important role to play in corporate citizenship. Part of its affirmative gameplan is ejunction – a trust to spread basic computer education. ejunction was started in May 2007 with the motive of empowering people by encouraging self-sufficiency and the growth of their communities. One of the main objectives of the trust is to promote e-education among the underprivileged, both among its stakeholders and the society as a whole. Within the past one and half years, ejunction has trained 10 batches of over 500 students.