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S. India tea auctions may go fully electronic by next month

P.S. Sundar

Coonoor , Nov. 4

THE Tea Board is expecting the auctions in the South to go 100 per cent electronic by next month-end.

"We introduced the electronic sale in Coimbatore first and by now, 25 per cent is sold through e-auctions. Kochi has also started to increase its sale through e-auctions. With the starting of the e-auctions in Coonoor today, we expect the new system to catch up fast. We are advising the trade to go for total sale through e-auctions and by December, we hope to have the entire sale through e-auctions in the South", Mr Vikram Kapur, Tea Board Executive Director, told Business Line here on Thursday after inaugurating the e-auctions at the Coonoor Tea Trade Association (CTTA).

In the CTTA here, 80 terminals have been provided at a cost of Rs 25 lakh. V-sat and other installation costs have been around Rs 15 lakh making the total outlay at Rs 40 lakh.

Earlier, inaugurating the e-auctions, Mr Kapur said the system would help the buyers from anywhere to bid at Coonoor sale by logging on to the portal. Likewise, the buyers here can bid at the auctions taking place at other centres on the concerned days by logging on to the relevant portal. Thus, it would provide a wider opportunity to both the sellers and the buyers. Since the names of the sellers and the buyers appear along with the price bid, there would be total transparency in the system.

The buyers also get a longer period to bid.

Mr Kapur presented the first contract for the e-mail to Mr Kamath representing Bloom in the presence of the factory's Partner, Ramesh Bhojarajan, and the officers of the brokers, Mr Shivraj Bhoraiah, Sri Ram, R. Poovandhran and Srijesh In all 40 lots were offered through the e-auctions and all the lots were sold. The contracts for these would be generated by the brokers in their respective offices later and handed over to the buyers subsequently. The buyers said the prices rose by Rs 3 a kg in the first sale of the e-auctions on Thursday.

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