Hindustan Copper tightens contract eligibility norms post CAG report

Hindustan Copper (HCL) has tightened eligibility criteria for award of contract. The company has incorporated a suitable clause in the mining contracts for application of liquidated damages on quarterly basis, based on performance of contractor against quarterly targets. HCL rationalised the prequalification criteria by incorporating various other financial eligibility criteria in the subsequent tenders for selecting mining contractors and obtaining most competitive bids after a blacklisted firm was awarded the Malanjkhand mine expansion project, an incident flagged by the Comptroller and Auditor General (CAG) of India in a report recently tabled in Parliament.