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Press Release

 DH News Service, Bangalore
 Published : 23rd November, 2005

MatexNet to expand its branches from 12 to 43

BANGALORE : MatexNet, a leader in B2B online (internet) transactions, dealing in the sale of surplus and non-moving inventory and equipment for corporates, on Tuesday, announced that it plans to increase its branches, from the current 12 to 43, nationwide, by December 2006.

"Our expansion would help us increase our reach to the smaller towns/cities," said MatexNet Director S Yogeshwaran. The company also plans to hire over a 100 people to man the upcoming centres.

The company, originally engaged in selling surplus inventory through its Online Liquidation Program, has recently added more products to its online basket. One such is tender management and reverse auction activity. Carried out through MatexNet's E-Tender platform, where the company rents/sells a tender management and processing software platform to a corporate customer for a lump sum fee, a setup fee, as well as a commission on completion of the sale of goods via the net.

NPA companies

The reverse auction facility reduces a good three to four months work to a matter of a few weeks as the entire process of a physical auction is eliminated.

An extension of selling non performing assets (NPA) for companies, the company also entered the bank NPA business in early 2004, helping banks realise cash from their NPA's through sale or through an Asset Reconstruction Company (ARC). The company so far, has transacted over Rs. 400 crore through the Internet. "Of this, nearly Rs. 80 crore has come from PSU transactions. Close to 600 serious players transact each day using MatexNet. Clocking a daily transaction figure of almost one crore" said Mr. Yogeshwaran.

By end of financial year, the company expects and additional business of  Rs. 200 crore. And by end 2007, MatexNet hopes its online transaction would touch the Rs. 2500 crore mark. In the pipeline is a proposed joint venture with a UK based US$ two billion fund, to setup a services company.