The company is also set to launch a transaction-based B2B portal for tools and industrial consumables --toolconsume.com.

HOTL was currently drawing up plans to invest approximately Rs 12 crore towards its diversification plans and negotiations for private placements were on, according to the company's joint managing director Sidharth Bhandari.

``We are looking at leveraging our expertise in tool manufacture and provide a transaction platform for the industry to network and do business,'' Bhandari said.

The company has also parted with two per cent of its equity in favour of US-based Global e Tech. With the technology partnership, this alliance would focus on joint development of strategies and solutions especially in the B2B, supply chain and Internet business logics sectors, said toolconsume.com COO Rajeev GH.

As for details of the portal, Bhandari said that the portal would be operational for transactions within the next six months in India and Singapore to focus on the domestic and Far-East/Australia markets respectively.

In the second phase, the company was planning to set up base in Europe (Germany or UK) and US operations would commence within the next 24 months, he added.

``We are looking at a business/revenue model that is completely transaction-based. The portal will initially leverage our existing customer/dealer network across the country and overseas,'' Rajeev said.

HOTL was also setting up a 24 hour call center in Bangalore to provide customer support and service for toolsconsume.com, he added.

As for financial projections, the company is looking at a total revenue of Rs 4.97 crore in this fiscal compared to Rs 3.81 crore last year. ``As per our projections we expect to reach the Rs 12 crore mark by 2002 and Rs 17 crore plus by 2003,'' Bhandari said.