Garnered 62 per cent premium over notified price
Team News Riveting
Bhopal, February 11
Northern Coalfields Limited (NCL), a Miniratna coal Producing Company has witnessed a breakthrough in business diversification and environment-friendly initiative with huge success in its maiden auction of M-Sand.
The Singrauli-based coal company garnered a 62 per cent premium over notified Price on all of the 20000 Cubic Meter M-Sand which went under the hammer on Friday.
The E-auction process received a huge response from bidders across the country. NCL is carrying out the e-auction process for sales and marketing of its M-Sand through MSTC Limited with a simple, transparent, and user-friendly process. NCL is planning to conduct such an e-auction every month for the sale of M-Sand.
The Overburden to Sand making initiative of the NCL at Amlohri Project is emphasizing the promotion of sustainable practices under the guidance of the Ministry of Coal for maximum utilization of natural resources and minimizing the adverse effects of mining. Giving thrust upon the ‘Waste to Wealth’ mission, the company has set up a Sand manufacturing plant using it’s Over Burden (OB) as raw material while maintaining the ecological balance. This eco-friendly initiative of the company will aid in preserving the river bed erosion and safeguard the aquatic ecosystems.
The inventive initiative proves to be victorious for the company, government, and local stakeholders. The ‘M-Sand’ produced was e-auctioned at a low base price and of at par quality in comparison to currently available river sand in the market.
