mjunction to enter retail segment in December

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Mumbai: mjunction, an e-services company promoted by Steel Authority of India (SAIL) and Tata Steel, is set to enter the retail market in December.

"What we are getting into in the immediate future is the retail surplus. This is a very new area, here we are talking about stocks which are unmoved. We are in discussion with some of them. We have not yet tied up with any company, but we will be launching it by the end of this year," said Viresh Oberoi, Managing Director and CEO, mjunction.

The companies are looking to cash their Non-Performing Assets (NPAs). mjunction has achieved a healthy state in the e-services market with total transactions of 45,193 crore till date, reports DNA.

The company's land and buildings services venture 'valuejunction' is in final stages of discussion to sell NPAs of the companies which are residing outside India. These assets will be sold by valuejunction.

valuejunction had tied up with the Asset Reconstruction Company (ARC) in August to sell NPAs and has already done a business of 7,500 crore. "Arcil is giving us more flats and even other NPAs, which they would like us to sell. We receive fresh mandate everyday and what we are getting into is land and buildings, as we see huge opportunity here," said Oberoi.

The past year was tumultuous for realtors across the country as many buyers defaulted on repayments. The maximum number of flats come under NPAs is in Western India, followed by the Southern and Northern regions.

mjunction also has an equipment selling venture, which deals with bringing new equipment and other manufacturing parts from those companies in developed countries, which need to dispose them off and sell them in India.

"So, if there is a company which is upgrading its manufacturing facilities, the old facility needs to be sold and obviously sold at price which makes sense to them and in a transparent manner. We are looking at the opportunity of Indian companies buying such plants and machinery," said Oberoi.

"We are also looking at ASEAN (Association of South East Asian Nations) countries and are discussing with them. We have not started selling anything for them, which is another opportunity," added Oberoi.

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