CIL, SCCL earn Rs 30k cr extra revenue via e-auction: Mjunction

State-owned Coal India <g data-gr-id="22">ltd</g>(CIL) and Singareni Collieries Company Ltd (SCCL) have earned incremental revenues of about Rs 30,000 crore through e-auction, Mjunction  Services, a JV between Tata Steel and Steel Authority of India Limited (SAIL) that pioneers in e-auction services, on Monday 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 <g data-gr-id="19">per cent</g> 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.