India: Railways to Opt for Reverse Bidding to Reduce Procurement Expenditure

12 Sept, 2017: Aiming at increasing competition and reducing expenditure on procurement, the Indian Railways will adopt a reverse bidding process for high-value items like rolling stock parts, track equipment and cement among other purchases. Reverse auction is an online bidding process that allows vendors to submit multiple bids on time scale and then compete online with each other by offering lowest acceptable bids.