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Our Bureau

Kolkata, Sept 19 Mjunction Services Ltd and East India Jute & Hessian Exchange (EIJ&HE) are set to sign a memorandum of understanding to jointly launch e-auction of jute and jute goods.

At a meeting here on September 15, the two organisations decided to work on the detailed modalities and trading by-laws. Both, in principle, agreed on the launch of a delivery-based on-line auction mode. According to the proposed joint venture, Mjunction would provide the MetalJunction platform with requisite operational technology backup and monitoring/surveillance logistics, while EIJ&HE would be handling agency with all domain performance.

At the 51st AGM of EIJ&HE here on Friday, its outgoing president, Mr Arun Kumar Seth, said the proposed e-auction could provide a lifeline for the commodity exchange as it was witnessing very low trading volume. Later, he told Business Line that the project could be operationalised in the six months.

The joint move would not require additional financial commitment, as it would draw on the existing expertise of the two. EIJ&HE currently runs forward contracts for raw jute and sackings with permissions from the Forward Market Commission.

Mr Dinesh Mohan Tiwary was on Friday elected as the President of EIJ&HE.

More Stories on : Jute | E-Commerce & E-Business

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