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mjunction to boost Tata's steel sales to MSMEs

Press Trust of India  |  Kolkata 

The services limited, a B2B company, has launched in association with the a working for the MSME sector for buying

The programme christened 'URJA' will provide unsecured finance to buyers purchasing material from Tata Steels distributors, CEO told

"We'll be serving a category of MSMEs buying primary which accounts for Rs 1200 crore market. The platform will allow an MSME to buy steel from a distributor without cash which was not possible in the traditional method," Varma said.

"The financing will not be done by the The platform has financers which will finance for the product bought," he said.

The Tata Capital, the and are already on the platform and talks are on to bring the Aditya Birla Finance, officials said.

"This digitally enabled platform solution will connect emerging corporate accounts to potential lenders. I believe the initiative has the potential to set a new norm for steel consuming segments. We expect to touch over 600 customers through this initiative within a years time," Tata Steel said.

The mjunction officials said financing would be done to pre-approved consumers and distributors. The need surfaced after it was found MSMEs were seeking products in credit while the were unable to meet their demand.

"that provides onboarding, transacting, monitoring and reporting services will be well leveraged to make this programme a success," Varma said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, November 09 2018. 11:00 IST
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