Tata, SAIL e-commerce joint venture to now take on eBay and Amazon.

Mjunction Services, an e-commerce company which is a joint venture between Tata Steel and Steel Authority of India (SAIL), has forayed into a business-to-consumer (B2C) initiative.

Click here for Cloud Computing

Also Read   Related Stories News Now - Mjunction forays into retail space - mjunction launches coal spot price index - Public hearing booster for Tata Steel Bastar plant - Pro-Tata tribals rally against VVJM in Kalinganagar - Tata, SAIL e-commerce JV to now take on eBay, Amazon - Mjunction forays into retail space

Also Read   Related Stories News Now - Wall Street opens higher on Greek deal - Oil cos seek compensation for losses on petrol - Centre for 6% road tax on cars, two-wheelers - RBI raises bank rate to 9.5% - Axis Bank reappoints Shikha Sharma as Managing Director More

Viresh Oberoi, managing director of Mjunction, said: “We are looking at a 30 per cent market share of e-retailing in India, to begin with. We have outsourced our logistics services to Drive India Enterprise Solution, another Tata Group company.”

The portal would also start classifieds and B2C auctions this year. “We have been into the online space for some time now, selling industrial products and commodities such as steel, coal, iron ore, and stressed assets such as plants and machinery, automobiles and even land and building. Business volume in terms of transaction value of our B2B businesses had soared to Rs 14,393 crore last fiscal, which would help us retain our leadership position as India’s largest e-commerce company. We will build upon our track record with Straightline, our first B2C venture,” Oberoi added.

Consumers from 644 cities covering about 5,000 pin codes can experience online shopping at straightline.in, which will be extended to rural India, covering 10,000 pin codes by the end of financial year 2010. The Indian e-commerce market is valued at Rs 9,210 crore, growing at 30 per cent, while the B2C non-travel market is valued at Rs 2,210 crore, growing at 40 per cent. A recent study on the distribution of the global online population by 2012 noted that India will contribute 6 per cent, or 109 million users, out of the 812 million in all of Asia.

Mjunction clocked transactional value of Rs 14,393 crore in 2008-09 and is targeting a cumulative transaction value of Rs 50,000 crore by FY 2013. The company’s e-retailing venture is expected to soar along with the 30 per cent growth rate which the Indian e-retail market is experiencing.

New Ipad Application :Business Standard's all new IPad App Click here to download for free Other Stories      - Wall Street opens higher on Greek deal - Oil cos seek compensation for losses on petrol - Centre for 6% road tax on cars, two-wheelers - RBI raises bank rate to 9.5% - Axis Bank reappoints Shikha Sharma as Managing Director

Tags : Mjunction Services | B2C initiative | Tata | SAIL | e-commerce | joint venture | eBay | Amazon | Viresh Oberoi |   Read Business news in  Advertisements -  Now property search gets more exciting than ever before! -  Office 365 for professionals and small businesses. -  India's No. 1 Property Site. Click here to know more.. -  Improve Patient Care & Experience. Click here to know more -  Health is Wealth..... Insurance + Savings... Know More...