Coal India Ltd floated its first import tender on behalf of power companies, where Adani Enterprises Ltd came out to be the lowest bidder, a report in The Economic Times said. The company quoted Rs 4,033 crore for the supply of 2.416 million tonnes of coal on a freight-on-road (FOR) basis, the report added.
Behind Adani were Mohit Minerals and Chettinad Logistics, who quoted Rs 4,182 crore, and Rs 4,222 crore, respectively, the report said. The bids opened on Friday.
Between January and June, Gautam Adani-led Adani Enterprises bagged multiple contracts for coal import. Last year in December, the group shipped first coal consignment from its Carmichael mines in Australia’s Queensland.
Adani Group is also eyeing two tenders totalling six MT from Coal India, industry insiders told ET, adding that the bids for these have to be submitted by Tuesday.
A total of 11 importers and some overseas traders had shown interest in the tender during the pre-bid meeting, Coal India had said earlier.
After the closing of bids, Coal India will execute a contract with the top bidder, entering into a back-to-back agreement with state gencos and independent power producers (IPPs), who will get the imported coal.
CIL is importing coal as the central government is looking to build enough stock at power plants before monsoon season affects coal mining, leading to a decrease in supply. The nation’s power demand peaks after monsoon due to an increase in requirements from the agriculture sector and warm weather conditions.
The thermal power plants have 26.8 MT of coal stock, the Central Electricity Authority’s latest data showed. The plants will also blend this stock with domestic coal.
The power plants have been asked to import 10 per cent of their coal requirements, which will be done by CIL on their behalf.