Coal India Ltd has finalised its long pending import tender and is looking to import 6-7 mln tn of the commodity in 2014-15 (Apr-Mar) on which it will charge a 2% margin on landed cost to buyers in India, said a senior Coal India official.
The world’s largest coal producer is likely to appoint state-owned trading company MSTC Ltd as designated vendor for importing the coal.
The final decision to appoint MSTC as the vendor will be taken in the next board meeting scheduled later this month, he added.
“We have received orders for importing 6-7 mln tn of coal this year (Apr-Mar). MSTC is most likely to get the mandate to import coal for us, which would be supplied to the power producers who have put in their request
with us,” said the official.
Earlier this year, Coal India had floated a tender for selection of vendor to supply 5-8 mln tn imported coal to various power plants in the country until March 2015.
The estimated value of the work is seen at 30 bln rupees. The largest coal miner in the world intended to import coal on behalf of its consumers at cost plus basis to meet the gap of coal demand to meet 80% fuel supply agreement.
According to the tender norms, the successful bidder will have procured imported coal through tendering for the quantity required for each quarter separately.
Coal India will charge around 2% commission over and above the landed cost of the imported coal from its customers, said the official.
“Typically, MSTC charges 4-10 rupees per tn of imported coal to its customers. But for us the charge is expected to be 3-4 rupees per tn. The power producers will have to pay 2% margin to us.
We will pay MSTC from that 2% margin,” he added. Coal India has been mandated to sign fuel supply agreements for a total capacity of 78,000 MW including cases of tapering linkage, which are likely to be commissioned by March 2015.
In November last year, Chairman and Managing Director S. Narsing Rao had said the company has signed fuel supply agreements for 70,400 MW with power producers.
The company has to supply 65% coal out of the annual contracted quantity under its fuel-supply agreements with power producers for 2013-14 and 2014-15 (Apr-Mar).
The state-owned miner will supply 67% of the contracted quantity in 2015-16 and 75% in the terminal year of the 12th five year plan.
To meet the balance fuel supply obligations, Coal India was asked to import and supply to willing power plants.
Source:- freepressjournal.in
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