Buyjunction in talks with foreign firms for overseas foray

Friday, 28 August 2009, 11:34 Hrs
Printer Print Email Email
Kolkata: Buyjunction, the goods and services procurement arm of e-commerce company mjunction, is in talks with three foreign firms as part of its bid to foray outside India, a top company official said here Thursday.

"So far, buyjunction was only serving domestic clients. Now we have decided to venture abroad. We are in talks with one company each in Britain, Thailand and Singapore who can be potential buyers," mjunction managing director Viresh Oberoi said at a media conference here Thursday.

Oberoi said till date, buyjunction has helped clients in procurement of goods and services worth over 10,500 crore from various sectors like steel, cement, fast moving consumer goods and chemicals.

"Special focus will be given to its aggregated rate contract offering, which is based on the principle of consortium buying. It also has plans to cater to more product segments," he said.

Oberoi said autojunction, mjunction's auto e-commerce portal dedicated to selling repossessed cars from finance companies, would shift to a business-to-customer model dealing with new cars and spare parts from a business-to-business model by the end of next month.

Additionally, coaljunction, a strategic business unit of mjunction dedicated to e-sale of the feedstock, also plans to launch a coal spot price index covering all grades of coal sold though e-auction and to serve as a barometer for price movement in the country, he said.

Promoted by the state-owned Steel Authority of India and the private sector Tata Steel, mjunction posted record 50 percent growth in recession-hit 2008-09, registering a transaction value of 14,393 crore.

"Our aim is to maintain a robust growth rate to achieve a transaction value of 22,000 crore in 2009-10," he said.

"We are working on achieving a target of Rs 50,000 crore as our annual transaction value by 2012-13."

Oberoi said mjunction, the largest e-marketplace for steel in the world, having sold over four million tonnes , plans to expand its product range by adding manganese ore, coal, chemicals, iron ore and slime.
Source: IANS
Google's Gboard gets offline
Google is adding an Artificially Intelligent (AI) offline dictation feature on its Gboard keyb..
Wipro opens third industrial
IT major Wipro Ltd on Thursday opened its centre of excellence for Industrial Internet of Things (..
IBM announces programme
n a bid to recognise the contribution of developers in the open source community, Information ..
Facebook denies cyber attack
Facebook ruled out a cyber attack on its products Whatsapp, Instagram and Messenger, which suf..