Date:24/11/2005 URL: http://www.thehindubusinessline.com/2005/11/24/stories/2005112402740400.htm

Back MatexNet plans joint venture to tap NPAs of banks

Our Bureau

Bangalore , Nov. 23

THE Bangalore-based B2B portal, MatexNet plans to enter into a joint venture with a $2-billion fund to offer NPA (non-performing assets) resolution services to banks.

"We will enable banks to get a good value for their stressed assets and ensure transparent auctions or asset reconstruction programmes,'' said Mr Jagan Vasan, Managing Director.

The ICF Ventures-funded company is also planning a major expansion across all divisions and across the country. "We also have a major thrust on building up government/PSU vertical," said Mr Vasan, adding the company saw keen interest from PSUs looking to comply with CVC norms on e-tenders and auctions.