E-auction of tea at Jorhat in Assam kicked off on Monday to reduce the sales cycle time and take pressure off from working capital.
mjunction services limited, India’s largest B2B e-commerce company, conducted the auction as part of a mandate given by the Tea Board of India.
The first day witnessed bids for 24,000kg of green, orthodox and CTC teas from 38 tea gardens. While more than 45 buyers took part, the highlight of the inaugural event was a batch of green tea of Mahalaxmi Tea Estate which was sold at a premium of Rs 502 per kg. Guwahati-based Absolute Tea was the buyer.
In the wake of the pandemic, the auction was launched digitally by Tea Board deputy chairman Arun Ray IPS and mjunction MD Vinaya Varma.
“I am confident this marketplace will benefit all its stakeholders in terms of increased reach, efficiency and shorter cycle time with the support of the entire tea community,” Varma said.
mjunction, a 50:50 joint venture between Tata Steel and SAIL, had signed an MoU with the Tea Board, as part of which it will act as System Integrator and design, develop and maintain the e-marketplace platform.
The auction will be conducted once every week on Mondays. Depending on volume and process improvement, it may be scheduled twice a week later.
