Reliance signs agreement with FreeMarkets

Mumbai: Reliance Industries Ltd (RIL), Indias largest private sector company, has signed an agreement with FreeMarkets Inc, the leading global provider of enterprise sourcing software and service solutions. Under the terms of the agreement, RIL will leverage FreeMarkets enterprise sourcing software and service solutions, as a platform for strategic sourcing.

FreeMarkets QuickSource is a comprehensive, full-featured sourcing application that is ideal for automating, streamlining, and providing visibility into sourcing projects. Reliance will leverage QuickSource to manage sourcing projects involving less-complex areas of spend.

The agreement with FreeMarkets will allow RIL to use FreeMarkets FullSource solution, as well as its QuickSource application, to source a wide range of goods and services for its global operations.

Designed by sourcing professionals for sourcing professionals, FreeMarkets FullSource is a comprehensive solution that combines the most advanced sourcing technology available with expert sourcing services in hundreds of spend categories; industry-specific programme management; around-the-clock global market operations services; information and knowledge about specific commodities and supply market dynamics.

RIL will use FullSource to gain rapid savings from large quantities of their spend, rationalise their supply bases, and optimise decisions in complex sourcing situations.

RIL group senior executive vice-president B Narayan says: FreeMarkets has a proven track record of delivering fast, measurable results to customers around the globe. We look forward to leveraging the companys technology, information and services to create savings and efficiencies that benefit our organisation and add a meaningful, transparent dimension to long-term supplier relationships.

RIL senior executive vice-president Lalit Jalan says: Reliance is a leader among Indian companies in the use of innovative sourcing solutions to reduce costs and enhance efficiencies, and we look forward to leveraging FreeMarkets solutions to achieve our strategic sourcing goals and business objectives.

FreeMarkets India country manager Amit Bhatia says: Reliance is a leader in both the Indian business community and the international petrochemicals industry, and we are very pleased that they have selected FreeMarkets as their platform for strategic sourcing. We look forward to providing Reliance with industry-leading enterprise sourcing technologies and services which they can leverage to achieve and sustain improved financial and operational performance.