New Delhi: Coal India Limited (CIL) has launched an online system for signing fuel supply agreements (FSAs) with clients, including those in the power sector, aimed at streamlining business processes. This new digital initiative replaces the previous requirement for physical submission of documents, allowing clients to submit bank guarantees and other necessary paperwork online.
In a statement, CIL highlighted that this marks the first instance of online signing of FSAs for both power and non-regulated sector customers participating in linkage-based auctions. The company has also reduced the number of documents that need to be submitted, further simplifying the process.
A senior executive from CIL noted that the online signing system eliminates the tedious task of managing numerous physical documents, enhancing customer convenience by enabling them to complete transactions from their own offices. Previously, customers had to visit the company in person to correct any discrepancies in their documentation, but this can now be resolved digitally.
CIL typically signs hundreds of FSAs each year, which requires extensive document management. The new electronic system not only simplifies document maintenance but also improves the tracking of progress for both suppliers and customers. So far, approximately 700 FSAs have been formalised online in non-regulated sectors, amounting to around 19 million tonnes of coal supply. In the power sector, 262 FSAs have been signed digitally for a total of about 24 million tonnes of coal.
BI Bureau
