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The Food Corporation of India will be entering into a joint business partnership with National Commodity & Derivatives Exchange Limited (NCDEX) and National Collateral Management Services Ltd. (NCMSL). A Memorandum of Understanding (MOU) for this business operations will be signed here tomorrow in the presence of Shri Sharad Pawar, Minister of Agriculture, Consumer Affairs, Food and Public Distribution. This tripartite MOU is for establishing a working relationship for procurement, storage and marketing operations of foodgrains.
As part of FCI’s decentralized procurement operations, the facilities of NCDEX and NCMSL would be utilized for procurement and sale of foodgrains from cooperative societies all over India through this MOU. FCI would also make use of NCDEX’s trading platform to promote online trading of foodgrains, both spot and futures on mutually agreed terms through over 6,000 NCDEX terminals over 440 centres in the country. At present, NCDEX provides for futures trading in 34 commodities.
SBK:CP:fci5.4
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