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Wednesday, 01 July 09
RS 6,000CR MMTC COAL IMPORT PLAN UNDER CLOUD
 The plan of MMTC Ltd, a trading firm under the commerce ministry, to import coal worth Rs 6,000 crore has come under cloud, with the Central Vigilance Commission seeking to know whether government norms were violated or tender conditions changed to tailor the deal to suit two private firms, top government sources said.
During UPA-1, it was decided that MMTC will import 12.5 million tonnes of coal for state-run generation utility NTPC. The import was to make up the shortfall in domestic supplies and help ramp up electricity generation. Accordingly, MMTC floated the tender on May 19 this year and gave 15 days for bidders to submit their quotes.
Three bidders are in fray after one firm was disqualified in the absence of earnest money deposit. While MMTC is yet to open the price bids, CVC has asked MMTC's chief vigilance officer to examine whether government procedures had been violated. The directive came after fingers were pointed at MMTC for the number of changes that were affected after the tender was floated.
TOI has tender documents and the amendments which show tender norms were changed thrice. This, complaint letters sent to CVC allege, was done to remove competition and ensure that only certain firms would fit the bill. Separate RTI documents also suggest that the same firm had been the lone qualified bidder in coal tenders floated by State Trading Corporation, another commerce ministry firm.
The documents also suggest that MMTC ignored facts which would have otherwise disqualified the two firms. It appears the aim was to restrict the order among the two firms since CVC norms allow splitting import orders between the lowest and second-lowest bidder -- who has to match the lowest price -- in the ratio of 60:40.
The documents also point out other lapses. For example, a bidder had to give a self-declaration that it had no cases pending nor was blacklisted over coal supplies. Surprisingly, the sources said this firm was facing as many as 13 suits. Besides, the tender norms also bar proxy bidding, or bidding by companies that have relationship with another bidder. Among the bidders is a joint venture of another competitor.
Source: Times of India (http://timesofindia.indiatimes.com/India/Rs-6000cr-MMTC-coal-import-plan-under-cloud/articleshow/4693998.cms)
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Sunday, 21 June 09
CHINESE MINERS SEAL THERMAL COAL DEALS WITH JAPAN AND KOREA
As the confrontation between China's power and coal enterprises become more and more serious, coal enterprises which had supposedly been in the sho ...
Sunday, 21 June 09
MERCATOR TO BUY 3 BULK VESSELS
Mercator Lines, India’s second-largest private shipping company, is expanding its capacity and is set to acquire three gearless post-Panamax b ...
Sunday, 21 June 09
COAL SCARCITY HITS BIHAR POWER PLANTS
The Rs 60,000 crore 12,500mw power projects cleared by the State Investment Planning Board (SIPB) which could change the face of Bihar if commission ...
Sunday, 21 June 09
NLC CHALKS OUT RS 40K CR INVESTMENT
Public sector mini rathna, Neyveli Lignite Corporation is in rapid expansion mode and has chalked out Rs 40,000 crore investment both in
the mining ...
Sunday, 21 June 09
TRANSPORT PROBLEMS HOLD BACK RUSSIAN COAL EXPORTS
Limited rail capacity and poor port infrastructure are frustrating the ambitions of Russia's leading coal producers to increase exports quickly to ...
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