Shriram Automall enters public sector forward auction industry

By: |
January 21, 2021 6:00 AM

After going through extensive tests, SAMIL has become among the first private company in India to have its auction portal certified by the STQC directorate for exclusively conducting forward auctions, which is among the first of its kind issued by the agency.

Sameer Malhotra, CEO SAMIL said , “online forward auction has so far been untapped by us for the public sector and thus, we at Shriram Automall feel proud to receive STQC certification.

Shriram Automall India (SAMIL), a platform for pre-owned vehicles & equipment, from the stable of Shriram Group, has received the standardisation testing & quality certification (STQC) e-procurement system (ePS) certificate from the quality assurance and conformity assessment body which will enable the company to foray into the Rs 50,000- crore public sector forward auction industry.

After going through extensive tests, SAMIL has become among the first private company in India to have its auction portal certified by the STQC directorate for exclusively conducting forward auctions, which is among the first of its kind issued by the agency.

STQC, an e-procurement system is responsible for maintaining e-governance standards and related conformity as per the DeitY-guidelines which are an essential requirement for various government agencies for their e-procurement needs and for various entities to conduct forward auctions under SARFAESI.

The certification stands as an assurance that the SAMIL’s exclusive forward auction portal is extremely dependable, trustworthy and above all very secure. Data of each client is stored securely in encrypted form on cloud thereby maintaining desired level of privacy, adding to its existing firewalls deterring any deliberate breach.

The auction portal has been customised for disposal of both movable and immovable property and is capable of handling unlimited auction events, simultaneously for multiple clients across all public sector undertakings and various state local authorities. The portal will provide a reliable platform for all the leading government agencies to conduct transparent and hassle free auctioning.

Sameer Malhotra, CEO SAMIL said , “online forward auction has so far been untapped by us for the public sector and thus, we at Shriram Automall feel proud to receive STQC certification. So far at SAMIL, we were offering auction services, software development & consulting services to various auto OEMs, leasing companies, banks / NBFCs and insurance companies.”

Since PSU entities mandatorily require their e-procurement and forward auction service providers to be STQC certified as a prerequisite to empanelment, this will provide a very secure, accurate and trustworthy platform to all the leading PSU’s and all such financial institutions for auctioning their movable and immovable assets.

“Our engineering teams, including our colleagues at Shriram Automall, have all worked very hard in pursuit of the STQC certification, I am sure that the new Certification of our auction engine will change the competitive landscape in India. We have a great deal of experience in designing products in e-auction space. We strongly believe that this is the best way for us to satisfy the needs of our partners in India and around the world,” Malhotra said.

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