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IndiaMART.com is a bigger platform with more members, thus its network will benefit all those who is connected to it.
Mr. P.M. Bhandari (Managing Partner)
Veendeep Oiltek Exports
Maharashtra, 5th October 2011
Indiamart.com Becomes a Potent Global Platform for Veendeep Oiltek
For Mr. PM Bhandari, Managing Partner, Veendeep Oiltek Exports, success has not come easy. Considerable experience and ups and down in his niche space have enabled him to truly cherish the prominent position his company enjoys today. His work since 1975 in the area of vegetable oil extraction from soybean, sunflower, groundnut, cotton seed and rice bran, culminated in the formation of his company Veendeep Oiltek Exports in 1994. The company has seen considerable export success since 2000. The company that earned around Rs. 10 crore turnover at the beginning, earns almost Rs. 30 crore now, and the target is set at about Rs. 50 crore for the next 4–5 years. The workforce has grown in tandem, from 10 persons in 1993–94 to 30 people now.
Discerning Factors
After the year 2000, when Veendeep stepped into the international market, Mr. Bhandari soon worked out that without its own facilities, the company cannot grow fast globally since there was a need to cut costs while ensuring optimum quality. Thus, in 2002, the company went on to build its own workshop.
Presently, almost 80% of the company’s business is from export markets. Now the company supplies rice bran oil extracted by the physical process to Thailand, Myanmar and Bangladesh. It is also negotiating orders in Sri Lanka, while has recognized potential in Vietnam as well. It is a premier player globally as far as rice bran oil technology is concerned. The company has bagged two awards from Engineer & Export Council of India
—Western Region, for the year 2005 and 2008, as well as an award from the Indo-Thai Chamber of Commerce for work done in Thailand.
Internet—The Enabler
For Veendeep, marketing has never been difficult due to their popularity and favourable customer response. They have been associated with IndiaMART.com for eight years now. Although the company has not grown very dependent on new technologies like internet, they are happy with their association with IndiaMART.com. Veendeep is receiving genuine domestic inquiries from IndiaMART.com. “They forward all enquiries that come in on a daily and weekly basis,” said Mr. Bhandari.
The Promise of Prosperity
As far as the oil industry is concerned, there is good potential especially in Europe, since the demand for bio-diesel is increasing. To deal with this growth, IndiaMART.com is working towards reaching out to prospective foreign markets. Europe has great demand for vegetable oils like mustard and sunflower. Demands for vegetable oils in African countries have also increased. To fructify this demand, Mr. Bhandari advises, “IndiaMART.com is a group that is connected to everybody, so they can go wherever they want. IndiaMART.com is a bigger platform with more members, thus its network will benefit all of them.” Veendeep Oiltek hopes for a longer and fruitful association with IndiaMART.com on account of its superior B2B services.