Calcutta, June 9: India’s largest e-commerce company mjunction — a joint venture of Tata Steel and SAIL — is betting big on its e-procurement arm buyjunction to double the value of its transactions through the Internet to Rs 50,000 crore by the end of 2013-14.

The value of Internet transactions for 2010-11 stood at Rs 24,854 crore.

“buyjunction, which is growing at over 60 per cent year-on-year, will ensure that it will achieve in two years what mjunction has achieved in the last 10 years,” Viresh Oberoi, managing director and CEO of mjunction Services, said.

He said organisations were increasingly exploring avenues for the best returns on investments but with a lower procurement cost and a reduced cycle time.

“In this aspect, buyjunction will be able to provide complete end-to-end sourcing solution to diverse industrial sectors.”

Tata Steel UK, Tata Steel Thailand and Natsteel are some of the clients of mjunction.

mjunction is looking to acquire firms in the US and Europe, Oberoi said without going into the specifics citing non-disclosure agreements. The deals are expected to be completed by the end of this year.

“The financing will mostly come from internal accruals. The board of directors will take the necessary decision if additional funds are required,” he said.