Business Daily from THE HINDU group of publications
Sunday, Jun 18, 2006
Business Daily from THE HINDU group of publications Sunday, Jun 18, 2006 |
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Corporate
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Alliances & Joint Ventures Industry & Economy - Engineering UK firm Henry Butcher conducts auction of equipment Our Bureau
The company has large presence in as many as eight Asian countries, including Singapore and Malaysia, with the Indian arm being their most recent venture.
Kolkata , June 17 The UK-based Henry Butcher International Valuers & Auctioneers Pvt Ltd, in collaboration with the Delhi-based `Quipo' (Indian Infrastructure Equipment Ltd) — with whom the global major has a 50:50 Indian joint venture — conducted a major construction equipment auction here this week. The assets were large excavators such as Tata-Hitachi and Komatsu machines and other equipment, fielded on a work site at Purulia in West Bengal. Talking to Business Line here on Friday, Mr John Allbrook, CEO of Henry Butcher, said bidders from all over the country participated in the auction. He said "India is a huge opportunity, especially in the infrastructure sector, where the sale of used equipment is vital for the re-circulation of used equipment, at affordable prices, which is of great economic benefit to large and small contractors alike." Mr Allbrook said the 125-year old company had large presence in as many as eight Asian countries, including Singapore and Malaysia, with the Indian arm being their most recent venture. He said India was "growing dramatically" and construction equipment sale may get a boost within the next 6-18 months when infrastructure development activities are set to speed up. Mr Jeffrey Hill, Managing Director of Henry Butcher (India), said 23 lots were sold in just over 90 minutes, and all the bidders were able to inspect the equipment in Purulia, 10 days before the auction. He said "this is the first of many auctions of this type, providing many advantages to both buyer and seller." He said transparency was beneficial to both the parties, considering the range of equipment and that so many machines could be sold in just one day.
Bidding Process
Pointing out that a good mix of dealers and end users were vital for the success of an equipment auction, he said "the bidders in India are certainly slower and more cautious at bidding than in countries like US or in Europe." He felt since this was a new method of sale, it will take time for people to get accustomed to this method. Describing the experience as a unique one for IIEL (a Srei Group outfit) Mr Sunil Kanoria, MD, said Henry Butcher was part of the GoIndustry plc Group, listed on the London Stock Exchange, and counted among the largest firms of industrial asset consultants in the world, with offices spread across Continents.
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