Kolkata, Sep 15 (UNI) Coal India Ltd (CIL) will introduce changes in its procurement policy from next month to bring in transparency and skirt away delay in global procurement.
" In October We are going to introduce Integrity Pact (IP) in our procurement and contradicting system above a limit. We shall also go for rating of vendors, " CIL Chairman Partha Sarathi Bhattacharya said here today.
Speaking at a vendors' meet on IP, he said CIL had already signed an Memorandum of Understanding with Transparency International to implement IP on procurement of equipment and services.
Integrity pact is a tool devised by Transparency International worldwide to fight corruption in public contracting.
An estimated Rs 10,000 crore is spent annually by CIL on contracts and procurements.
Under the new policy, no vendor would not be allowed to participate in a tender unless the IP is signed.
The Chairman said a panel of independent external monitors, to be cleared by the Central Vigilance Commission, would be created for the deals.
He said CIL would also start rating of vendors in line with Asian Development Bank to select transparent and worthy vendors in terms of meeting delivery schedules and maintaining quality.
Speaking at the programme, Mr Bhattacharya called for speedy decision-making process to enable the company produce 520 million ton of coal by the end of eleventh plan.
To achieve the desired energy security, the country's demand for coal would be to the tune of 730 million ton in 2011-12 against 474 million ton in 2006-07, he said.
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