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Press Release

Published : 20 September, 2006

MatexNet To e-auction Standard Motor Property

Shriram properties, part of the Chennai based business conglomerate shriram group has announced the appointment of MatexNet as its e-auctioneer for sale of standard motors plant and machinery in Chennai. MatexNet is engaged in business-to-business e-auction services.

MatexNet will execute the largest single location sale through e-auction. The e-auction for the standard motor property will be held on September27.

According to a statement. The standard motor site contained over 60 sheds and 1,000 pieces of machinery at an estimated Rs.32 crore of transaction value. which have been segregated into lots and grouped to provide optimum value to potential buyers.

M. Murali, Managing director, Shriram properties Ltd, Said MatexNet’s     experience in handling large and complicated projects would add value in terms of transparent and efficient processes thereby helping in realising higher value for the transaction.

MatexNet To e-auction Standard Motor's Assets

Shriram properties has appointed MatexNet to e-auction the plant and machinery at the standard motors factory premises. The plant and machinery has been valued at Rs.32 crore.

The e-auction will be held on September 27 and over 400 potential bidders have registered. The earnest money deposit for the entire lot is Rs 2 crore, Mr.s.Jaganni vassan, Manging director, MatexNet, said.The upset price will be decided nearer the date of the auction.

He said that this was the largest single location sale through e-auction that MatexNet has been mandated for.

The standard motors assets are spread over the 58-acre site.