Kolkata, Dec 31 (UNI) Tea Board of India Chairman Basudeb Banerjee said today that e-auction, which will eventually replace physical auctions, will stabilise in next six months and ensure better price discovery.
Speaking to UNI Basudeb Banerjee said E-auction had become operational at Coonoor, based on the system developed by Accenture and IBM.
''We are in the process of appointing a new agency on a turnkey basis consulting services, development and maintenance of a stable e-auction platform across the six major centres of Kolkata, Guwahati, Siliguri, Cochin, Coimbatore and Coonoor, he said.
The consultant would be appointed by mid-January and a committee headed by the ITA Chairman is looking into the matter, he further added.
''We hope to start a dialogue with all the stake-holders after the appointment of the agency and finalise a new business model after taking into account the lacunae in the present system,'' he said.
Since the hardware consisting of V-Sat antennae, servers and PCs are already inplace, development of customised software, testing the same and stabilising should not take more than six months, he mentioned.
Talking about the impact of e-auction on prices, he said a distortion-free play of market forces would lead to price discovery, which will make the system transparent.