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Wednesday, June 4, 2008

mjunction continues to break barriers crossing Rs. 10,000 crore milestone in FY 07-08

mjunction services limited, India’s largest eCommerce company, a JV between SAIL and TATA Steel, registered a milestone turnover of Rs 10,314 crore in FY’08. It unveiled ‘Vision 2013’ setting itself a target to generate a cumulative transaction value (T.V.) of Rs 50,000 crore by FY 2013.

mjunction plans to achieve this five fold growth through its existing six strategic business units - metaljunction, coaljunction, buyjunction, autojunction, straightline and mjunctionedge by a combination of expansion in the domestic market and tapping opportunities in the international markets.

Mr. Viresh Oberoi, Founder CEO and Managing Director, mjunction services limited shares “We have created immense value in terms of efficiency, convenience and transparency in the supply chains verticals we have entered. In FY’09, the focus of the company would be on consolidating its presence in the existing verticals by building adjunct services and getting into new geographies. The company will also be looking at inorganic growth through strategic acquisitions. We will be driving our B2C businesses with an increased customer orientation since we believe that the time is right for the end consumers to experience the benefits of eCommerce in their daily lives. While straightline will sell everything, from books to music to clothes to FMCG, autojunction will expand its current eAuction business and focus on the sale of new vehicles, pre-owned vehicles, exchange schemes and innovative transportation solutions.”

Overview of operations

metaljunction, the steel eSales business unit of the company traded 2.25 million tonnes in FY'07-08 and estimates sales of around 2.60 millions tonnes of steel FY 08-09. The increase is attributed to additional volume from its new clients as well as expansion of its product portfolio. Since its inception in 2002, metaljunction has sold over 6.5 million tonnes of steel establishing it as the World’s largest steel eMarketplace.

The other matured businesses which will also add to the growth story are coaljunction which is scouting for the new global clients to meet the country’s growing coal demands. From last year’s 9.62 million tones, coaljunction expects to sell around 19 million tones of coal this year.

buyjunction – the eProcurement service of mjunction is expected to contribute significantly to the company’s growth. buyjunction is set to tap the immense potential of eProcurement and BPO Procurement services in India and Europe. While buyjunction signed up leading corporate houses in the country last year, it has made a start by working with its first international client – Corus Steel, which has prompted the company to set up its first overseas office in London.

With 30 million internet users in India, mjunction’s B2C businesses - autojunction and straightline are expected to grow exponentially this fiscal. While autojunction has already unlocked tremendous efficiencies, transparency & convenience on behalf of most of the leading Indian Banks & NBFC’s last year by extending its Online Auction Services of Repossessed Vehicles to them; this year’s focus will be on selling good quality used vehicles directly to end customers online and tapping the potential of online Retailing of new cars.

straightline, the eRetail initiative has also chalked out an aggressive growth path targeting to add over 100 retail products spanning across apparel, books, gadgets, gifts, handicrafts, music, gaming, white goods, and electronics.

mjunctionedge, the Knowledge division plans to organize more Industry focused conferences this year with partners Metal Bulletin and McCloskey. The division plans to increase subscribers base for its three industry focused publications named ~ Steel Insights, Coal Insights and Sourcing Insights.

About mjunction services limited (www.mjunction.in)

mjunction services limited, a 50:50 joint venture of SAIL and TATA Steel was founded in February 2001. It is India’s largest eCommerce company and is the world’s largest eMarketplace for steel. mjunction has service offerings spanning the entire eCommerce spectrum and operates through – metaljunction.in, buyjunction.in, coaljunction.in, autojunction.in and straightline.in. The steel, coal and automobile supply chain in India has been transformed by mjunction, which has ushered in efficiency, transparency and convenience in buying and selling processes involved for these products. Business volume of the company in terms of Transaction Value has soared from Rs.94 crores in FY’02 to Rs.10,314 crores in FY’08 at a CAGR of 116% with a total transactional value of over Rs 30,800 Crores till date.


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