By Samuel Quek
SINGAPORE, 23 March 2000 - Local start-up plasticscommerce.com has formed a joint venture company with India's leading private ISP, Satyam Infoway, to launch a mirror site of its e-business portal for the plastics industry in India.
The joint venture, SifyPlasticscommerce.com Ltd, is expected to extend the reach of both companies in the plastics industry, and aid in the streamlining of transactions conducted through the industry.
The 30 million rupee venture (about S$1.2 million), will exploit plasticscommerce.com's B2B platform, and integrate it with Satyam's expertise and reach in the Indian domestic market.
Satyam, which is also listed on NASDAQ, will hold a 53% share in the JV, proportionate to its investment, while plasticscommerce.com will hold the remaining 47% share.
"Our partnership with Satyam Infoway validates our role as a leading portal for the plastics industry," said Ms Quek Mei Hsien, founder and CEO of plasticscommerce.com.
"We are confident that by leveraging on Satyam Infoway's strengths in the Indian domestic market, we will be able to establish ourselves very quickly," she added.
Satyam Infoway is the largest private sector ISP in India.
Plasticscommerce.com was started up last year and is about 6 months old, said Mr Jeffrey Koh, the company's sales and marketing manager. It has 10 offices worldwide, in London, China, Taiwan, Malaysia, Singapore, Australia and in the US, as well as 10 sales offices in India alone.
Ms Quek, formally a consultant with Ernst and Young, said that the company intended to list in Singapore "as soon as possible", and that its middle-range goal was to list in NASDAQ.
The company revealed that it had an initial capital funding of S$1.5 million paid-up, with a further S$10 million authorized.
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