mjunction diversifies into online auto retail
10 February 2010
After revolutionising supply chains across diverse industry segments like steel and coal, Tata Steel's online sales division, mjunction, has now set its sights on becoming the country's largest online automobile destination.
mjunction today announced its online auto retail initiative through the launch of www.autojunction.in, to capitalise on the current boom in Indian automobile market estimated at Rs3,500 currently, which is expected to almost double in volume from the current sales of 1.89 million to grow to 3.75 million units by 2014, as more auto makers seek to make India their global hubs.
mjunction said the Rs 9,210-crore ecommerce B2C market in India was growing at 30 per cent and the Rs2,210-crore B2C non-travel market was growing at 40 per cent.
mjunction said that so far autojunction had been operating in the business-to-business (B2B) segment of the e-commerce market, selling vehicles repossessed by various banks and non banking financial corporations (NBFCs) through e-auctions.
Viresh Oberoi, managing director, mjunction services limited, said that the company would build upon its track record of B2B businesses for its auto retail venture.
"We are optimistic that with the growth of the automobile market in India, our initiative will benefit manufacturers by widening their reach and reducing their distribution cost,'' Oberoi said.