Bharat Coking coal's strategic move boosts domestic coking coal consumption, reducing import dependence - World News Network

New Delhi [India], September 26 (ANI): Bharat Coking Coal Limited (BCCL), a subsidiary of Coal India Limited (CIL) and the nation’s largest producer of coking coal, has made a major breakthrough in its efforts to cut India’s reliance on imported coking coal.
In the recently concluded long-term linkage e-auction (Tranche VII) for the steel sub-sector, 2.40 million tonnes (MT) of coking coal was booked out of 3.36 MT offered by BCCL.
According to the Ministry of Coal, the reforms introduced by BCCL, including consortium bidding and improved communication with industry stakeholders, have led to higher participation and greater confidence in the auction process.
India’s steel industry relies heavily on coking coal, a critical raw material used in steel production, which has historically been largely imported.
Under the “Mission Coking Coal” initiative, part of the Aatmanirbhar Bharat vision, BCCL haD implemented key reforms in its auction processes, aimed at increasing the use of domestic coking coal and reducing the strain on India’s foreign reserves caused by coal imports.
One of the most notable changes came after the Tranche VI auction, where none of the offered coal was booked, signalling the need for reforms.
In addition to consortium bidding, BCCL proposed amendments to the eligibility criteria for auction participants. These changes were approved during BCCL’s Functional Directors’ Meeting and subsequently forwarded to CIL for further consideration.
The proposed amendments allowed participation from consortiums comprising steel plants, existing or new coking coal washeries, and other plants capable of utilising by-products from the washeries, such as power coal.
CIL swiftly adopted these changes, which culminated in the creation of a new Scheme Document for the upcoming Tranche VII of the Linkage Auction specifically targeting the steel sector.
In preparation for the Tranche VII auction, BCCL and CIL hosted a Consumer Meet in Delhi, engaging directly with steel producers and industry associations to gather feedback and ensure a more inclusive process.
Expressing satisfaction with the success of Tranche VII, CMD, BCCL, Samiran Dutta, said the concerted efforts to make the auction process more inclusive and transparent have paid off significantly. The successful bookings are a testament to commitment to boosting domestic coking coal production and reducing import dependency. (ANI)

Disclaimer: This story is auto-generated from a syndicated feed of ANI; only the image & headline may have been reworked by News Services Division of World News Network Inc Ltd and Palghar News and Pune News and World News