mjunction aims to treble business by 2013

SAIL and Tata Steel's e-commerce joint venture, mjunction, aims to clock transactions worth Rs50,000 crore by 2012-13 from the Rs14,393 crore recorded last fiscal

The e-commerce joint venture between State-run steelmaker Steel Authority of India (SAIL)  and Tata Steel Ltd, mjunction, on Thursday said that its value of transactions may treble to Rs50,000 crore by 2012-13 as online trade is gaining momentum in India, reports PTI.

"We aim to clock transactions worth Rs50,000 crore by 2012-13. We hope to complete the current financial year with transactions of about Rs20,000 crore," mjunction's managing director and chief executive Viresh Oberoi said.

The company, which is evenly owned by the steel majors, recorded a transaction value of Rs14,393 crore in the last financial year.

It hopes that 90% of its total transactions would come from its steel and coal trading business and the rest from the business-to-consumer segment.

Keen on growing overseas, mjunction is building a war chest of about Rs100 crore for acquisitions in the procurement space, especially in Europe and America. At present, it has facilitated business transactions in South East Asian nations like Thailand.

"We are planning to create a war chest of Rs100 crore for acquisitions which will be made in the next fiscal. This will come from the promoters and our internal accruals. We are now evaluating merchant bankers who can seal such deals for us," he added.

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