Shriram Automall enters into Rs.500 billion stressed assets management industry.
India’s largest physical & online bidding platform for pre-owned vehicles and equipment, Shriram Automall (SAMIL) has acquired majority stake in Augeo Assets Management (Augeo).
The company is a premium service provider in the asset disposal, transaction advisory and custodial services. It also conducts e-auction for diversified assets including real estate, plant and machinery, equipment, commodities, natural resources, minerals, mines, salvage, scrap, surplus and miscellaneous assets through its electronic market place 123done.in, which hosts e-selling, e-procurement and e-listing services.
A new journey
This acquisition fosters the vision of Shriram Automall to enter into industrial auction in addition to its existing automobile industry.
Sameer Malhotra, Director and CEO, Shriram Automall, said, “We are growing exponentially on a year-on-year basis and have been exploring new industries to add up to our existing vehicle auction business to grow multifold in the coming years. We found the industrial equipment and commodities industries as most complimentary in the auction business, which aptly suits our 10 million customer base at Shriram Group and CarTrade Group. Thus, we found 123done.in, which is a right fit to match our vision. We are excited to find the right kind of leadership in 123done.in to be part of our growth story.”