MGF.com enters India, to invest $10-mn in next 5 years

[OhioChick]

Source: The Economic Times of India

4 Apr 2010, 1123 hrs IST,PTI

MUMBAI: With India poised to become a major manufacturing hub, US-based online portal MGF.com plans to tap this opportunity by providing a common trading platform for mid-size Indian manufacturing companies.

"India will be the next manufacturing hub after China as the latter is becoming costlier. We want to tap both the manufacturers and suppliers. We will be investing USD 10-million in the next 5-years in India," MGF.com's Founder and CEO, Mitch Free, told PTI here.

The company has opened an office in Bangalore last month and plans to invest USD 10-million (Rs 45-crore) over the next 5-years in technology, back-end operations and adding more workforce, Free said, adding that it would recruit over 100 professionals in sales and marketing over the next 18-months.

Headquartered in Atlanta, MGF.com, offers a faster, easier, efficient and cost-effective model to source manufacturing products compared to online directories and trade shows. It also helps buyers and suppliers witness the prevailing trends of demand and supply in their relevant sectors on a day-to-day basis.

Read more: http://economictimes.indiatimes.com/infotech/internet/MGFcom-enters-India-to-invest-10-mn-in-next-5-years/articleshow/5759214.cms