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Yes, B2B portals are very effective for online business. In the new era, TradeIndia.com, indiamart.com are the options to expand your business. There are other portals available in market who provide the best service along with full customer satisfaction.
Here is the list based on my experience using most B2B portals in India
Indiamart - This is the leader in B2B portals in India having huge sellers listed on premium packages. Performance wise gives best ROI for investment. Better to invest not more than 4 to 5 lakhs in 3 year package.
TradeIndia - Pathetic it is no longer a leader give hardly any results, don't invest
Atcomaart- They have a different strategy, they commit to offer you business album never accomplish
Global Sources- Oldest B2B portal in world, minimum package cost is 3 lakhs per year, most European companies listed.