Mjunction close to acquiring European firm

Mjunction, an equal joint venture between Tata Steel and Steel Authority of India Limited in the ecommerce space, is close to acquiring a European firm engaged in e-procurement, a top company official said.

“We have identified the target. It is based in Europe and operating for the last 10 years. It is a leader in procurement space,” mjunction Managing Director and Chief Executive Officer Viresh Oberoi said.

The target firm has specialisation in the chemical sector, Oberoi said, declining to divulge the cost of the acquisition and other details, citing the non-disclosure agreement signed between the two firms.

However, he added the deal would be sealed within the next two months. This would be the first acquisition by the company, founded in February 2001.

mjunction offers services spanning the entire e-commerce spectrum. It already has presence in e-procurement space through buyjunction.in.

Business volume, in terms of transaction value, has soared from Rs 94.4 crore in 2001-02 to Rs 19,648 crore in 2009-10, registering a compounded annual growth rate of 95 per cent.

mjunction now has offices at 12 locations and employs 400 people.