Financial Daily from THE HINDU group of publications
Thursday, Aug 14, 2003
Financial Daily from THE HINDU group of publications Thursday, Aug 14, 2003 |
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Info-Tech
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Outlook FreeMarkets to tap auto vendor base in South Our Bureau
Chennai , Aug. 13 E-SOURCING company, Freemarkets Services Pvt Ltd feels that the e-sourcing market in India, especially from the automotive sector, is poised for growth. Accordingly, it plans to establish an office in the South to tap into the large auto component vendor base in the region, according to Mr Amit Bhatia, Country Manager - India, FreeMarkets. Mr Bhatia told a press conference here on Wednesday that the total e-sourcing market in India was estimated at about Rs 8,200 crore in the last three years, of which FreeMarkets has a 60 per cent share of third-party e-sourcing. E-sourcing is strategic sourcing of purchases using Internet technologies. The automotive e-sourcing market is estimated at Rs 2,500 crore, Mr Bhatia said and added that FreeMarkets had an 80 per cent share of this. FreeMarkets Services Pvt Ltd is a wholly owned subsidiary of the Pittsburgh-based FreeMarkets. The Indian company is headquartered in Gurgaon. Mr Bhatia said that FreeMarkets' customers in the automobile sector in India included Tata Motors, Mahindra & Mahindra, TVS Motor Co, Ceat, Hindustan Motors, Maruti and Visteon. FreeMarkets, he said, helped buyers source components at substantial cost savings. The company had about 75 employees on its rolls who would constantly update the profile of the supplier base, not only for the automobile industry but for other sectors too, and thus helped its customers source parts and other items at the best price, he said. In India, FreeMarkets had done e-sourcing deals worth Rs 4,000 crore and identified savings of nearly Rs 600 crore for its customers, he said.
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