Business

Adani Enterprises Lowest Bidder In Coal India’s Maiden Coal Import Tender

Today News ||

Adani Enterprises Ltd. has emerged as the lowest bidder in Coal India Ltd.’s tender for imports of the dry fuel with quoting over Rs 4,000 crore for supply of 2.416 million tonne, even though the miner is likely to ‘negotiate the price’, an official said on Monday.

A negotiation for the quoted price may take place as the gap between the lowest bid value and the miner’s own estimates of Rs 3,100 crore is in excess of around 30%, he said.

“Adani’s bid is the lowest but it is Rs 900 crore more than the Coal India’s own estimate. Officials of the miner are discussing among themselves about the price quoted by the lowest bidder. There is a high possibility that price will be further negotiated,” the official told PTI.

Adani Group and another 10 companies had shown interests for the miner’s maiden coal import tender for supply of the dry fuel on a freight-on-road basis.

Ads

This tender was floated for the short-term supply based on the indent received from state power generating companies, the official said.

Meanwhile, the last date for submission of bids for another two tenders for supplying of six million tonne of imported coal is on Tuesday.

RELATED:  Bill Ackman says a more aggressive Fed or market collapse are the only ways to stop this inflation

A board meeting to finalise the tenders has not been fixed and is expected after the second tender is opened, the official said.

Mohit Minerals and Chettinad Logistics and a couple of coal exporting agencies from abroad were among those who had shown interests in the CIL’s tender for coal imports.

The Ministry of Power has asked power producers to import 10% of their coal requirements for mixing, and the job has been entrusted to Coal India on behalf of the power generating companies.

More Economy Business News Updates of Today Check Below

Today News || Business Today || World News || Headlines Today || Health || Technology News || Education News

Source

Tags
Show More

Related Articles

Back to top button
Close