Online auction for Tamil Nadu infrastructure project
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Chennai, Oct 15 - An online business-to-business auction service provider, MatexNet Pvt Ltd, will provide an e-auction platform for Tamil Nadu Road Development Co Ltd's (TNRDC) build operate transfer (BOT) project.It is the first time that a BOT project is being auctioned online in India, the company claimed.The project will be to build a world-class amenity centre within the SIPCOT Information Technology Park at Siruseri on the southern outskirts of Chennai.The auction will witness bids from reputed developers and consortiums. The amenity centre, with a lease for 30 years, will contain a starred hotel along with facilities such as service apartments, multiplex, food courts, malls and hyper marts.'We are looking for bidders who are well-versed in development, operation and maintenance of three-star hotels and can provide a capital investment of at least Rs.1 billion. MatexNet's expertise is in conducting such huge transactions online and their ability to identify the right buyers,' said K.R. Viswanathan, director, TNRDC.'They have also undertaken the responsibility of preparing the groundwork such as inspection of property and verification of proposals from bidders. This is an added advantage for us,' he added.'We are glad that more and more companies are accepting the fact that online auctioning space can help them in better value realisation, reach more buyers and get maximum transparency in deals,' said Jaganni Vasan, managing director, MatexNet.The initial process of auction will commence this week with online bidding scheduled for Dec 7, 2007, the company said.TNRDC is a 50:50 joint venture of Tamil Nadu Industrial Development Corp (TIDCO), the investment arm of the Tamil Nadu government and Infrastructure Leasing and Financial Services (ILFS). (c) Indo-Asian News Service
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