To float new tender soon with revised terms
Container Corporation of India Ltd (Concor) has scrapped a tender to hire two container ships for 10 years to start coastal shipping business after the lowest bidder pulled out his quote before the Navratna company launched a reverse auction.
Reverse auction is a mechanism followed by state-run firms to gauge whether any of the qualified bidders are willing to offer a rate lower than the one discovered through the initial bidding process.
Mumbai-listed...
http://container-news.com/concor-scraps-coastal-shipping-tender/