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Press Release

Published : 20 September, 2006

Shriram Properties To sell SMPL assets online

Appoints MatexNet as e-auctioneer for the sale

Chennai : Shriram Properties Ltd  has appointed  MatexNet  Pvt. Ltd as its e-auctioneer for the Sale of Plant and machinery of now defunct standard motor products of India Ltd (SMPL)

      MatexNet is a business to business (B2B) online negotiating platform that provides end- to-end services and solutions for the sale of surplus movable and immovable assets through online reverse auctions, forward auctions. e-tenders and corporate exchange programmer.

      Addressing a press conference here on Tuesday. Mr.Jagan Nivasan Managing Director, MatexNet said standard Motor’s land mea suring 58 acres was taken over by Shriram properties through an auction for Rs 154.10 crore. Shriram properties was now planning to sell the plant and machinery.

      Mr. Nivasan said MatexNet had estimated the standard Motor’s plant and machinery at a face value of  Rs. 32 crore The e-auction would be held on  September 27. Nearly 400 customers of MatexNet had shown interest and had also paid the earnest money deposit up to Rs 2 crore the standard Motor’s site contained more than 60 sheds and one thousand pieces of  machinery. Which had been segregated into 43 lots and also grouped to provide optimum value to potential buyers.

      Mr. Nivasan said his company would get a commission of 1-2 per cent depending the value of sales. MatexNet, He said. offered solutions to  the excess inventory problem that businesses faced across industries through their four business divisions excess inventory liquidation (e-auction) e-tendering and e-pro-curement, e-barter and NPA (stressed asset) relocation. 

      MatexNet planned to expand its branches from 12 to 43 by the end of the year and aimed to achieve a targeted transaction value of around  Rs.2,500 crore. The company was also planning to tie-up with a global fund management company for providing specialized services to the stressed assets of banks.

The managing director of Shriram Properties,N.Murali,Said the land would be used to construct an IT  and ITeS park.The state government had provided the status of SEZ for this land located near Tambaram.