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In the Press

Polyset Plastics takes stake in Polymer portal By A Correspondent, Mid-Day MUMBAI 12 September 2000

POLYMERUPDATE.COM, a web site on the plastics industry has received fund inflow from Polyset Plastics, an established plastics processor. The company has made a strategic investment in the plastics portal, which has already attracted investment from other big players like Brite Brothers.

Explaining the move to invest, Bhupesh Bafna, director of Polyset said, " It is important for plastics processors to rally around a site that will promote and protect the industry's interests. Polymerupdate.com has the right ingredients, vision and management team to do so."

"This is also in line with the international trend where industry players invest and support sector specific portals. More plastics sites inthe USA have such participation rather than just from venture capitalists," he added.

He also believes that if the site is supported from within the industry, it has a greater chance of succeeding, as its domain expertise and commitment to trading online could also be leveraged.

Polymerupdate.com has off late tied up with Indiaport.com, a shipping portal, thereby enabling its users to access to the latter's shipping services like container tracking and cargo booking.

This apart, it has tied up with Rapra Technology, a leading European plastics and rubber consultancy for an instant link to its site.

Other tie-ups include Modern Plastics, USA for enrolling subscribers for its magazines, Kotak Mahindra's Matrix Information Services and ShareKhan.com, which provides live stock quotes, tickers and investment-related information.

In the future, polymerupdate.com plans to introduce e-commerce and real-time trading from polysort.com, the world's largest B2B plastics portal launched five years ago. Many of the companies were impressed with India's potential for e-commerce, according to Sajjid Mitha, CEO of the company.

The portal has about 6,000 registered traders, indentors, plastics processors and manufacturers. It has had over 39, 400 visitors over the past few months.