RITES partner with Mjunction Services Ltd to sell the Assets belonging to ECR in e-Auction

Mjunction, which has emerged as a leader in providing market price valuations of large plants and machineries, runs the largest e-marketplace for steel, having sold over 15 million tonne since 2001.

NEW DELHI/PATNA: Mjunction Services Limited, one of the country’s largest B2B e-commerce companies and a 50:50 joint venture between Tata Steel and Steel Authority of India, has helped RITES, an arm of Indian Railways, sell assets belonging to East Central Railway (ECR), through a transparent e-auction mechanism.

Under the transaction, RITES sold off assets at the erstwhile Rohtas Industries at Dalmianagar in Bihar. These assets consisted of plant and machinery pertaining to cement, paper, power and chemical units, within a total area of around 160 acres.

Mjunction, which has emerged as a leader in providing market price valuations of large plants and machinery, runs the largest e-marketplace for steel, having sold over 15 million tonne since 2001.

The company operates auction platforms for coal, telecom spectrum, rough diamonds, idle assets, and food grains, among others. mjunction had also been appointed by the Directorate General of Hydrocarbons (DGH) to build a platform for them to enable e-bidding, e-evaluation of bids, and e-allocation of oil and gas fields.

Recently, it also conducted e-auction in media rights for Board of Cricket Control in India (BCCI). It was the first time that the BCCI used e-auction for the award of media rights for all non-IPL matches of the Indian cricket team in India.

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