BUSINESS
Will open offices overseas to bring in international clients; will sell coal outside India too; plans to import 80,000-100,000 mt of coal by fiscal end.
mjunction Services Ltd, a joint venture company equally owned by two of India’s biggest steel manufacturers — Tata Steel and SAIL Ltd — will venture into imported coal trading by early next year.
The company, which is primarily an e-commerce portal, is also planning to extend its services of its flagship portal ‘metaljunction’ to clients outside India.
“We have been working on starting trading in imported coal for quite some time and could start the service as early as April 2011,” said Viresh Oberoi, managing director, mjunction, a company with a number of trading portals under its wings.
Trading in imported coal will be done through its online coal trading portal coaljunction, which has so far serviced only domestic clients and has a gamut of 10,000 buyers.
So far, mjunction has sold over 70 million tonnes of coal on behalf of Coal India (CIL), all its subsidiaries and Singareni Collieries Company Ltd, a company note said.
“We plan to import between 80,000 tonnes and 100,000 metric tonnes of coal by end of financial year and ramp it up in the coming years depending on demand,” he said.
mjunction is negotiating with companies in Indonesia and South Africa for buying two shipments of coal which would primarily be thermal coal, said Oberoi.
Oberoi said mjunction will wait for a response from the buyer fraternity before importing more shipments of coal, but he is sure demand for imported coal will be intact for a long time.
“Coal India is still not able to meet its target and there is expected to be a shortfall in the demand,” he said, adding that despite increasing prices the
volume of coal imported will keep increasing in the next few years.
“India will close the financial year with an imported volume of 110 million tonnes of coal, which will go up to 130 million tonnes in the next few years,” he said.
The company is also planning to take coaljunction overseas.
“We are currently planning and it will take some time for us to firm up the plans,” he said and hinted at opening up offices abroad as well to tap into the customer base. This will also be complemented by metaljunction, which has also started seeking clients outside India.
He said though 90% of the revenues, which the company doesn’t share outside its boardroom, comes from three of its premier portals—metaljunction, coaljunction and buyjunction, it is buyjunction, a relatively newer vertical which is witnessing the maximum growth.
“This is because it caters to a broad range of customers and a huge portfolio of products,” he said.
buyjunction serves clients in metals, telecom, energy, chemicals, consumer goods and public sector enterprises, said the company note.
The other trading portals that the company has are valuejunction, financejunction, autojunction and straightline.
According to the company note, it has so far achieved a transaction value of `65,000 crore since the launch of the service in 2001 and has grown at a CAGR of 95% in the last eight years.
Last year it posted a transaction value of just below Rs20,000 crore and plans to close the current fiscal at Rs26,000 crore.
“We have a target to touch Rs45,000 crore by 2013,” said Oberoi.
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