mJunction may acquire Industrial Products Finder

mJunction Services, an electronic marketplace for steel and coal, set up as an equal joint venture by Tata Steel and Steel Authority of India Limited (SAIL) is likely to acquire 'Industrial Products Finder' (IPF), a three decade old sourcing guide and magazine for the engineering industry in India.

According to industry information, IPF is expected to be valued around Rs 80 crore, given its preference in the engineering community and also to the value of its inherent database built up over the years.

While mJunction's MD & CEO Viresh Oberoi said he doesn't have any comment to offer now, R V Pandit, the founder of IPF did confirm that he is looking for a suitable partner to offload his stake. "I started the magazine 35 years ago and I want to exit. We are in talks with mJunction besides a few other companies including a publishing house from London," Pandit said.

mJunction, if the deal sails through, will not only secure access to a database of industrial products and companies but will also add IPF to its bouquet of three magazines "" Steel Insights, Coal Insights and Sourcing Insights.

Pandit presently holds 44 per cent, while IL&FS Investment Managers and HDFC together control 54 per cent and the rest is held by the employees.

The two financial institutions came into the Industrial Products Finder during 2000, in an effort to take the well-entrenched industrial magazine online and also to create a business-to-business electronic marketplace for industrial goods. Industrial Products Finder presently has a topline of Rs 12 crore with a net of close to Rs 3.5 crore.

mJunction was founded in early 2001 and is today among the largest e-commerce companies in India having e-transacted goods worth Rs 20,517 crore till date.

The portal enables the procurement of steel and coal also through e-auctions. The company has also launched 'Autojunction' and 'Straightline' for automobiles and branded steel products respectively.

mJunction offers a range of selling, sourcing and knowledge services across diverse industry verticals that empower businesses with process efficiencies including fulfillment services like inspection, logistics and finance.