Under the agreement, MSTC will manage the entire gamut of associated services for NRS linkage auctions, starting from conducting the auction to execution of agreements through its digital platform. The mandate is valid for a period of three years.
The contract has been awarded by a domestic entity. The financial consideration or size of the order cannot be quantified at this stage, the company said.
MSTC clarified that neither its promoter nor promoter group has any interest in Coal India. The contract does not fall under related party transactions, it added.
MSTC’s (formerly known as Metal and Scrap Trading Corporation) core activity is diversified mainly into providing e-auction/e-procurement services and trading of bulk products like ferrous and non-ferrous scrap, coke, finished steel, coal and petroleum products.
Coal India is mainly engaged in mining and production of coal and also operates coal washeries. The major consumers of the company are the power and steel sectors. Consumers from other sectors include cement, fertilizers, and brick kilns. The scrip declined 1.50% to Rs 427.15 on the BSE.