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Vizag Steel's e-initiative

By Our Staff Correspondent

KOLKATA MAY 31. Vizag Steel is negotiating with e-commerce service providers for on-line sale of products, procurement of raw materials and leveraging channel finance options for procuring raw materials and distribution of final products.

According to sources, the public sector MSTC has also approached the Rs. 5,000 crore steel producer with a similar proposal with regard to procurement of raw material and sale of scrap.

Stating that the company has to get clearances from the Central Vigilance Commission for any such financial involvement, sources in Vizag Steel said the initiative was still at an early stage and would take some more time to finalise.

According to Metaljunction (MJ), which has so far arranged Rs. 262 crores in on-line finance for Tata Steel distributors since May last, the service had effected a drastic cut in supplier's credit earlier offered by Tata Steel to the said distributors (participated in channel finance programme). With distributors now getting easier finances, the payment schedules to the supplier also improved considerably.

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