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ICICI Econet picks up 25% stake in Mega Visa

Our Bureau

MUMBAI, Dec. 5

ICICI ECONET has picked up a 25-per cent stake in Mega Visa Marketing and Solutions Ltd. ICICI Econet has invested around Rs 7 crore in the company. Mega Visa is in the business of marketing chemicals, especially imports for firms that deal with chemical s.

The total expansion project cost is to the tune of Rs 17 crore. Apart from ICICI Econet, the company plans to raise about Rs 10 crore through loans and internal accruals.

ICICI Econet is a 100-per cent subsidiary of ICICI, which is devoted to intellectual incubating of dotcom businesses in India. Mr Bhargava Dasgupta, Chief Operating Officer, ICICI Econet, has been inducted on the board of Mega Visa.

Mega Visa had developed a portal `megavisachem.com' to facilitate better access to efficient and effective transactions for its clients, said Mr Ajay Mittal, Chairman, Mega Visa Marketing & Solutions Ltd.

The portal has been developed by Vaits India, a South India-based firm. The portal consists of three business modules to suit the varying procurement needs of the companies. These are catalogue module, aggregation module and auction module.

Catalogue module catalogues chemicals offered by multinational principals such as Union Carbide Corporation Inc, US, Crompton Corporation, US, Milliken Chemicals, US and Nippon Unicar Co, Japan; and quotes c.i.f. prices to prospective Indian buyers, Mr M ittal said. The module was already operational, he added.

The aggregation module, megavisachem.com, performs the role of a sourcing agent for prospective Indian buyers. In this, the company aggregates demand for several buyers forming buyer groups and negotiates on behalf of the groups. This module will be oper ational by early next year.

The auction module provides a market place for chemical buyers and sellers.

Mega Visa's turnover for 1999-2000 was Rs 125 crore. The target turnover for 2000 -2001 is Rs 170 crore.