Commodities

Hindustan Zinc launches e-platform for non-ferrous metals

Our Bureau Mumbai | Updated on October 07, 2020 Published on October 07, 2020

Pricing is based on London Metal Exchange and London Bullion Market Association

Vedanta Group company Hindustan Zinc has launched Evolve, India’s first online buying platform for non-ferrous metals.

Evolve is designed to offer a three-click buying experience for zinc, lead, silver and acid on a single platform based on real-time pricing on the LME/LBMA.

The buyers can opt for quantities as low as one tonne, which not only improve their working capital cycle but also enable smaller buyers to opt for premium quality at a significantly lower price.

Integrated solutions

Arun Misra, CEO, Hindustan Zinc, said the platform will help customers, especially MSMEs, with a hassle-free experience of buying metals online with the convenience of opting for smaller quantities and dynamic pricing.

Evolve would also facilitate in creating a daily rupee-denominated benchmark price in the Indian market. It will also offer integrated solutions, including KYC for customer on-boarding, GST integration, SAP integration for credit management and accounting, and auto hedging (in collaboration with JP Morgan).

Harsha Shetty, CMO, Hindustan Zinc, said the platform will reduce its cost of buying significantly and aid the competitiveness of MSMEs in India.

Driven by the global shift to sustainable energy, volatile market conditions and profit margin pressure, mining companies need to increase their operational efficiency and develop new services and business models to engage with communities, customers, buyers, and workers responsibly and sustainably.

With Commerce Cloud (Hybris), SAP’s market leading B2B and B2C commerce platform, its digital core on SAP ERP, SAP’s business technology platform ensures Hindustan Zinc can review a seamless data flow while integrating with third-party applications, like the GSTN portal. GSTN portal integration allows only customers with active GST to purchase, resulting in zero fraudulent transactions.

 

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Published on October 07, 2020
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