mjunction launches future eAuction for coal (Tuesday, 18 August, 2009, UTVi.com)

PTI

MUMBAI: mjunction services today launched India's first-ever future eAuction for coal aimed at catering to the buyers requiring an assured supply over an extended period.

Developed by coaljunction, a business unit of mjunction, the eAuction process would provide a wide range of choice to book and buy coal online for a period of 12 months, a company release said.

"The forward eAuction of coal will also provide equal opportunity to all intending coal consumers in India to purchase coal for their own consumption as per requirement and at pre-determined price through the process of on-line bidding," it said.

The initiative has been taken by Coal India and the first forward eAuction for Western Coal Fields. mjunction, a joint venture between Tata Steel and SAIL, has sold over 60 million tonnes of coal for CIL, all its subsidiaries and Singareni Collieries company.

"Our forward mechanisim to purchase coal online will create a positive impact in procurement as well as operational management process," mjunction services Managing Director Viresh Oberoi, said in a statement.

We are now mjunction

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Viresh Oberoi, Managing Director and Chief Executive Officer, mjunction services limited

Over the years we have grown in every respect - services, people, reach, infrastructure and revenue. As we continue to grow and add value to the supply chains we serve, we have broadened our horizons beyond the world of steel and metals.

We thus felt that the time was ripe to give ourselves a new name, a new identity to reflect our metamorphosis. So we heralded the new year with a new brand name and logo, and we have become mjunction services limited from metaljunction services limited. Other business units under the mjunction umbrella continue to have identities of their own.

Though our name has changed, and our horizons widened, our values haven't. We will continue to bring greater efficiency, convenience and transparency to even more supply chains in the future with the innovative use of IT and the Internet.

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