Shriram appoints MatexNet as e-auctioner

Economic Times, Chennai | 20th Sep 2006

Shriram Properties, part of the Chennai-based Shriram group, has appointed MatexNet as its e-auctioneer for sale of standard motors plant & machinery at Chennai the e-auction is scheduled for September 27.the standard motors site has more then 60 sheds and 1,000 pieces of machinery worth Rs.32 crore. The e-auction will enable buyers from across the country to participate in the real-time online transaction.

?It is the largest and most complicated e-auction in terms of plant and machinery. The entire 1,000 units of machinery have been grouped into 40 lots alternatively, it will also be of freed as on lot, Mr. Jagannivasan, Managing Director, MatexNet said.

MatexNet, A B2B online negotiating platform, provides end-to-end services and solution for the sale of surplus movable and immovable assets through online reverse and forward auctions, beside e-tenders and corporate exchange programmes.

?We found MatexNet having a strong domain expertise in selling surplus assets through e-auction. Their experience in handling large and complicated projects will add value in terms of transparent and efficient processes thereby helping in realizing higher value for the transaction,? Mr. M. Murali, MD, Shriram Properties, said.

Shriram Properties had successfully bid and bagged the 54 acre standard motors property about a year ago through a court auction. While it plans to promote an SEZ for it, along with some retail space disposing of the plant and machinery was becoming a difficult task.
 

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