Financial Daily from THE HINDU group of publications
Thursday, Oct 16, 2003
Financial Daily from THE HINDU group of publications Thursday, Oct 16, 2003 |
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Agri-Biz & Commodities
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Floriculture Growers take over control of Karnataka flower auction centre Our Bureau
Bangalore , Oct. 15 THE International Flower Auction Bangalore (IFAB), the operating company controlled by growers, has taken over the operations of the flower auction centre run by the State-owned Karnataka Agro Industries Corporation (KAIC). An agreement to this effect was signed between the representatives of the South India Floriculture Association (SIFA) and Managing Director of KAIC, in presence of the Development Commissioner and Additional Chief Secretary of Karnataka, Mr Vijay Gore, who is also the chairman of IFAB. SIFA sources said the take over was part of the original agreement to set up an international flower auction centre in Bangalore signed between the facilitators, Apeda and KAIC, and the constituents, SIFA. SIFA has a 51 per cent stake in IFAB, while the small growers hold 16 per cent. The State-owned entities KAIC and the Karnataka Agricultural Produce Processing Export Corporation hold 16 and 10 per cent respectively, whereas the buyers own 7 per cent. The eight-year-old auction centre had an annual turnover of Rs 3 crore last year. ``We expect to increase the turnover to Rs 20 crore over the next five years,'' SIFA sources said. Meanwhile, the construction for the proposed international flower auction centre has already started and the centre is expected to be ready in nine months, sources said. Apeda is funding the auction centre in which the State Government will have a minor stake as it has provided close to six acres of land. About 29 large growers and plenty of small flower growers from around Bangalore and Hosur are participating in the daily flower auctions of Bangalore. Flower growers in Nilgiris and members of the Ooty Flower Association have also evinced keen interest in participating in the auctions, sources said.
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