Mjunction Ropes in Steel Biggies to its Platform
Kolkata: Mjunction, one of the largest online exchanges and a joint venture between Tata Steel and SAIL, has roped in steel players such as JSW Steel, JSPL and Jindal Stainless on its platform in the midst of the downturn in domestic steel sector even as it managed to achieve a 44% growth in bottomline during FY16.
“In the last 18 months we have acquired major clients in the steel sector such as JSW Steel, JSPL and Jindal Stainless and Uttam Galva. This is part of our plan to reach out to potential customers in all sectors. There is a good opportunity for us to grow since we are focused on generating savings for our customers and it is particularly useful in a difficult economic situation,” Viresh Oberoi, managing director, Mjunction services said. Mjunction’s saw its top line grow 33% during the year even as its bottomline went up 44%, he said. However, since Mjunction is not a listed entity he did not divulge actual revenue and profitability figures.
Mjunction, a key player in the B2B (or business to business) area, is also looking at the entry of Alibaba in the Indian e-commerce space and hopes to work alongside the Chinese internet giant, Oberoi said. “We look forward to working alongside Alibaba in India. I am sure our solutions will be different. Oberoi said while Mjunction has grown largely without government help, except for infrastructure like spectrum availability, roads, ports etc., it would look for a levelplaying field as far as purchase guidelines are concerned since the government is a big player in B2B segment in India.
Mjunction, which conducted the government’s telecom spectrum auction in 2015, would like a proper evaluation system in place with nomination route being chosen as an exception rather than the rule. Instead of the nomination route, we would like competitive bidding to be the norm for government contracts. Chhattisgarh government did follow that route and chose Mjunction for end to end e-procurement services worth .₹ 50,000 crore for all departments in the next five years — the first such outsourcing contract for ‘source to pay’ e-procurement of all departments by any state in India.
It is also in the process of launching a new portal MRO junction which will complement its existing platform buyjunction and take it to the next level.