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Deeptha Rajkumar

Wellington (Nilgiris) , Aug. 13

TEASERVE.COM, the Website of Teaserve will go live from September 1, Mr. Udhaychandren, Managing Director, Indcoserve, said.

Speaking on the occasion of a technical demonstration of the electronic tea auction system, Teaserve, the Indcoserve MD said that the Web site would go live simultaneously with the commencement of mock trading in Teaserve.

``Our Web site will comprehensively cover all tea related issues. From the profile of buyers and sellers, to information on the stock available in each and every warehouse, to real time price trend in ticker form, all this and more will be made available on our site,'' he said.

Going forward, there are also plans to ensure that each and every Indcoserve factory is equipped with a computer.

Mr Udhaychandren also said they were close to finalising the settlement banker for Teaserve. As of now, they had shortlisted two nationalised banks and one leading private sector bank, of which one would be chosen.

``Our selection will be based on flexibility in extending credit to sellers as well as the promptness as regards to remittances. We may not necessarily look at a large player. We need 24-hour banking in Coimbatore, Coonoor — so it could be a bank which has branches in these areas but with interconnectivity,'' he said.

While sellers or producers automatically become members of Teaserve, buyers will have to register themselves. So far around 10 major buyers have registered with Teaserve.

Highlighting the plus points of "the world's first ever electronic tea auction centre in the world,'' Mr Udhaychandren said not only would Teaserve bring transparency in auction proceedings, it would also shorten the transaction cycle and reduce the cost of selling.

``Auction will be through parallel bidding via local area network (LAN). We propose to have 150 terminals and sellers will be able to fix a reference price for their product. An easy line of credit will also ensure better cash flow,'' he said.

The next phase of the Teaserve project would involve setting up of hubs in Coimbatore and other major tea consuming areas of Tamil Nadu such as Madurai and Trichy. Kochi would be the next step after Tamil Nadu. "Once we conduct a feasibility study, we are also looking to setting up hubs in Western and Central India — Amritsar, Nagpur, Jaipur, Mumbai and Ahmedabad — where Nilgiri teas are consumed in large amounts," Mr Udhaychandren said. The Indcoserve MD said that future plans on the Teaserve agenda include commencement of online trading.

The Chief Minister of Tamil Nadu, Ms J. Jayalalithaa, is scheduled to inaugurate Teaserve.

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