Shriram Properties To sell
SMPL
assets online
Appoints MatexNet as e-auctioneer for the sale
Chennai: Shriram Properties Ltd has appointed
MatexNet Pvt. Ltd as its e-auctioneer for the
Sale of Plant and machinery of now defunct
standard motor products of India Ltd (SMPL)
MatexNet is a business to business (B2B)
online negotiating platform that provides end-
to-end services and solutions for the sale of
surplus movable and immovable assets through
online reverse auctions, forward auctions.
e-tenders and corporate exchange programmer.
Addressing a press conference here on
Tuesday. Mr.Jagan Nivasan Managing Director,
MatexNet said standard Motor’s land mea suring 58
acres was taken over by Shriram properties
through an auction for Rs 154.10 crore. Shriram
properties was now planning to sell the plant and
machinery.
Mr. Nivasan said MatexNet had estimated the
standard Motor’s plant and machinery at a face
value of Rs. 32 crore The e-auction would be
held on September 27. Nearly 400 customers of
MatexNet had shown interest and had also paid the
earnest money deposit up to Rs 2 crore the
standard Motor’s site contained more than 60
sheds and one thousand pieces of machinery.
Which had been segregated into 43 lots and also
grouped to provide optimum value to potential
buyers.
Mr. Nivasan said his company would get a
commission of 1-2 per cent depending the value of
sales. MatexNet, He said. offered solutions to
the excess inventory problem that businesses
faced across industries through their four
business divisions excess inventory liquidation
(e-auction) e-tendering and e-pro-curement,
e-barter and NPA (stressed asset) relocation.
MatexNet planned to expand its branches from 12
to 43 by the end of the year and aimed to achieve
a targeted transaction value of around Rs.2,500
crore. The company was also planning to tie-up
with a global fund management company for
providing specialized services to the stressed
assets of banks.
The managing director of Shriram
Properties,N.Murali,Said the land would be used
to construct an IT and ITeS park.The state
government had provided the status of SEZ for
this land located near Tambaram.
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