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In the Press

US Net Company Polysort to pick 20 percent in Polymerupdate By Rumi Datta , Business Standard MUMBAI , 13 September 2000

Polysort, A US-based Internet marketplace for plastics and rubber industries, will take a 20 percent stake in Polymerupdate.com an Indian B2B portal, in lieu of a technology and knowledge transfer.

As a result of the alliance, Polymerupdate.com will save in cost and time since technology accounts for 60-70 percent of the cost of a B2B portal and takes around 6-12 months to built a tailor-made solution for an industry.

Sajjid Mitha, chief executive officer of Polymerupdate.com, said, "The company predicts success on the grounds of industry participation in ownership and an alliance with an international portal that brings in technological expertise."

He added that the trading platform when launched in India will enable Indian companies to trade both domestically and internationally through a single site, by the virtue of this alliance.

Polymerupdate.com, launched in November 1999, claims to be India's first B2B plastic portal.

John Braver, national sales director of Polysort, said "Polysort enjoys 100 percent market share in the plastic e-commerce business in US. No other player that I know provides such integrated solutions as we do."

Polysort's neutral e-commerce exchange, Polymersite.com (launched in April 2000), is an anonymous, sealed-bid negotiation platform that enables buyers and sellers to gain efficiencies in purchasing.

Braver said, "The decision to invest in India was based on the fact that the industry demand growth in India was around 15 percent and is expected to grow further."

Polymerupdate.com has already attracted investment from the industry players, Brite Brothers (15 percent) and Polyset Plastics (10 percent).

The strategic investors, Suresh Bhojwani of Brite Brothers and Bhupesh Bafna of Polyset Plastics, said they are ensuring that Polymerupdate.com is run around the principles that offline companies use and not like dotcoms that have been burning up huge amount of money.