The Hindu Business Line : Reliance Money, NMCE to set up comex

“We will initially focus on these two states and later expand our presence to other states. We plan to reach out to all the 7,500 Agricultural Produce Marketing Committees (APMCs) across the country over the next one year.”

Our Bureau

Mumbai, Aug 5 Reliance Money, the financial distribution company of Anil Dhirubhai Ambani Group and the Ahmedabad-based National Multi-Commodity Exchange (NMCE) has entered into a joint venture to set up a spot exchange for agricultural produce, the National Agriculture Produce Marketing Company of India Ltd (National APMC Ltd).

The National APMC, which is expected to go live by December, will be initially launched in Gujarat and Rajasthan.

Mr Sudip Bandyopadhyay, CEO, Reliance Money, said, “The process of registering membership will be taken up soon after we decide on charges such as membership fee, transaction cost.”

The Central Warehousing Corporation (CWC), which holds equity stake in NMCE, will take care of assaying and warehouse facility, said Mr Bandyopadhyay. CWC owns about 2,000 warehouses across the country and will assign 400 warehouses in Gujarat and Rajasthan. If necessary, CWC will also undertake accreditation of warehouses, he said.

Mr Kailash Gupta, Managing Director, NMCE, said: “We will initially focus on these two states and later expand our presence to other states. We plan to reach out to all the 7,500 Agricultural Produce Marketing Committees (APMCs) across the country over the next one year.”

Gujarat Niyantrit Bazar Sangh, the apex body of over 200 mandis in Gujarat, is a co-promoter of National APMC. Besides, National APMC has already received approval from the Rajasthan Government to electronically integrate the agricultural mandis in Rajasthan.

The electronic spot trading will allow producers to get the best possible price for their commodity as buyers from all across the country will be able to buy commodities through the National APMC.

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