mjunction plans to provide auction platform transactions for consumer goods and automobiles in the business-to-consumer and consumer-to-consumer format.

mjunction Services Ltd, promoted by SAIL and Tata Steel, has taken several initiatives including launch of a coal spot price index to expand its on-line e-auction platform.

Mr Viresh Oberoi, the Managing Director, mjunction, told reporters that the coal index service would cover all grades of coal sold through e-auction and serve as a barometer for price movement.

The effort is to provide a daily price reference point for coal to the three user industries - steel, cement and power - based on auction transactions data. Mr Oberoi said the index would be ready by September.

B2B procurement
mjunction also plans to extend its business-to-business procurement services to overseas buyers. Mr Oberoi said mjunction would facilitate procurement from Indian suppliers for a UK-based company and a South East Asian entity.

"We would identify the vendors, undertake a due diligence exercise and help execute the procurement transactions at a cost effective way," he said.

Stressed assets
The e-auction platform is also preparing to help execution of stressed assets overseas.

A Thailand-based company, which has been trying to sell some of its stressed assets, is trying to find an Indian buyer through mjunction. valuejunction, a division of mjunction, helps companies monetise idle assets. Recently, it tied up with Asset Reconstruction Company of India Ltd (ARCIL). This unit has sold assets such as flats and a factory.

mjunction plans to provide auction platform transactions for consumer goods and automobiles in the business-to-consumer and consumer-to-consumer format.

It has launched an online loan programme for bulk customers, distributors and retailers of steel items. It plans to extend it to other transactions too. It has decided to increase its product portfolio by adding manganese ore, coal chemicals, iron ore and slime.

It is planning to buy 60,000 sq ft of office space in Kolkata and targets technological up-gradation. It has also decided to provide content and data related services on Indian steel and coal sectors.

In terms of total transaction value on its platforms, mjunction in 2008-09 achieved a 50 per cent growth at Rs 14,393 crore. Mr Oberoi said that this fiscal, mjunction aimed to maintain the growth momentum at 50 per cent.