He added that MIT would take at least three-and-a-half-year for CIL to start mining at the two virgin coal blocks it bagged in the Tete province of Mozambique.

'After the initial formalities, we have to appoint an agency for exploration. Then two years are needed for finalising the Detailed Project Report (DPR),' he said.

A senior level government delegation will visit the African nation next month to look into the formalities.

'The coal from these blocks will be imported to India to substantially augment the coal availability in the country,' Bhattacharyya added.

He said the forward e-auction will begin in August. 'Only the genuine consumers can avail of it.'

'Ten percent of CIL's total coal production will be sold through forward e-auction and spot e-auction,' Bhattacharyya said.

As per the audited accounts, CIL's profit after tax stood at Rs.2078.69 crore in 2008-09.

The company, which produced 403.73 million tonnes of coal last fiscal, has targeted a growth of 7.7 percent to reach 435 million tonnes in 2009-10.