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In the Press

Brite group takes 15% stake in polymerupdate Cuckoo Paul & Rajeshwari Adappa Thakur MUMBAI 30 APRIL 2000

PLASTIC products company Brite Group has picked up a 15 per cent stake in, a polymer website, for an undisclosed amount.

The site, originally launched for polymer traders and plastic processors with news, research and information on the industry, is now entering the electronic commerce space by creating a marketplace to allow online trading of plastic resins and compounds.

The roughly Rs. 150-crore Brite Group comprises Brite Automotive and Plastics and Bright Brothers. Brite Group chief Suresh Bhojwani will join the board of "The site will be used by resin manufacturers, distributors, brokers, compounders and processors. It also expects original equipment manufacturers who buy from plastic processors, to use the internet exchange to source new vendors," said Sajjid Mitha, polymerupdate CEO.

About 5,000 traders have already registered on the site. The company has also created websites for several players in the industry. The fragmented nature of the polymer business in India makes it an ideal sector for e-commerce, Mr. Mitha said.

With about four large players, the polymer industry has about 15,000 small and medium sized players, who account for almost 60 per cent of the total production.

The site aims to be a demand aggregator for small plastic processors by creating buyer pools and allowing suppliers to bid for them. Charter members like Brite, having an equity participation in the site, will commit to trading on the site. Mr. Mitha said the idea is to tie up with horizontals like for derived services and with complementary vertical sites.

Demand in the polymer industry is currently about 2.5 m metric tonnes, which is expected to rise at a compounded annual growth rate of 12 per cent.