E-commerce business growing at a rate of over 40%, says MSTC

State-owned MSTC is opening for subscription today and the e-commerce company is looking to raise Rs 226 crore through the initial public offer. BB Singh, CMD of MSTC, spoke to CNBC-TV18 about the company's business plans.

“MSTC is into the businesses of eCommerce, trading and recycling. eCommerce is a mainstay for MSTC. The contribution of eCommerce business for MSTC is 65 percent and 35 percent is the contribution for trading. eCommerce we had started with a modest physical auction of scraps and the condemned items but since 2002, we have introduced – for the first time, the auctions in electronic mode and thereafter MSTC has not looked back. We have been holding auctions almost 300 plus or minus on a daily basis,” Singh said on Wednesday.

“Auctions are only in eCommerce businesses and in the trading - we feel that we might introduce eCommerce into the trading business also,” he added.