Coal India alters procurement policy
Coal India alters procurement policy New procurement policy in coal sector will commence from October 2007, reports Business Line. The existing system costs precious time, before an opportunity is spot and necessary steps are taken towards its acquisition. The new policy will avoid delay in procurement. Coal India (CIL) procures about Rs 100 billion worth of goods and services annually. It is learnt that, Integrity Pact (IP) will be introduced in procurement and contracting system and will be implemented with immediate effect. The company entered into a MoU with the Geneva-based Transparency International in this regar d. It is also learnt that, the new system is mandatory for vendors to enter into the integrity pact. A rating system will also be introduced for vendors. The Cabinet Committee on Economic Affairs (CCEA) is expected to take a call on empowering Coal India (CIL) to acquire mining assets abroad. The empowerment will be subjected to upper ceiling for investment in foreign currency.
