The Hindu Business Line : Metaljunction registers 263 pc growth in April-September

METALJUNCTION.COM Pvt Ltd, a 50:50 joint venture of Tata Steel and SAIL, has transacted business worth Rs 704.78 crore during the period April-September 2003.

This marks a rise of 263 per cent over the business transacted during the corresponding period of last year. During April-September 2002, Metaljunction.com transacted business worth Rs 194 crore.

According to a company press release issued here, during the first half of the current fiscal, e-sales contributed Rs 320.59 crore followed by financial services and e-sourcing at Rs 280.01 crore and Rs 104.18 crore, respectively.

During the first half of 2002-03, e-sales contributed Rs 98 crore, financial services Rs 67 crore and e-sourcing Rs 29 crore.

During April-September, the company sold 2,80,000 tonnes of steel for its clients. This included 50,000 tonnes of prime steel and 2,30,000 tonnes of secondary steel. All categories of steel products were sold online.

In the first half of 2003-04, Metaljunction.com procured materials and services worth Rs 104.81 crore for its clients. In the process, savings to the tune of Rs 17.56 crore were achieved.

During the period under review, the company arranged finance to the tune of Rs 280.01 crore through partner banks for distributors and channel partners of its clients.

Metaljunction would soon launch OEM finance and supplier finance and is in the closing stages of negotiations between its partner banks and clients, according to the release.

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