The Hindu Business Line : Mother Dairy to set up bourse for farm produce

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Mother Dairy to set up bourse for farm produce

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In pact with MCX; Safal exchange to be located in Bangalore

Finer points
Mother Dairy will hold with 51 per cent equity in the joint venture.
Exchange to trade in perishable agri-commodities.
FTIL, MCX to provide core technology along with domain expertise.

Kolkata , Sept. 19

Mother Dairy Foods Processing Ltd and MCX-Financial Technology (FTIL) combine has entered into a 51:49 joint venture to set up Safal National Exchange of India (SNX), the country's first spot exchange for trading on perishable agri-commodities including horticulture, floriculture, dairy products and other allied commodities.

Headquarter

The new exchange will be headquartered at Safal Market in Bangalore. Mother Dairy will be the majority stakeholder with 51 per cent equity participation in SNX. MCX-FTIL will hold the rest.

Trading platform

Mother Dairy Foods Processing Ltd is a group company of the National Dairy Development Board and is the owner of brands such as `Mother Dairy', `Safal' and `Dhara'.

FTIL is a critical stakeholder in MCX.

According to a release issued by FTIL, SNX will provide a nation-wide platform for trading in fruit and vegetables, floriculture, dairy and allied products.

Safal, NDDB's fruit and vegetable project will provide expertise in post-harvest handling of perishable commodities and organising farmer associations.

FTIL and MCX will provide the core technology along with the domain expertise and know-how to set up the electronic trading platform.

`Advantage'

Mr Jignesh Shah, Chairman & Managing Director of Financial Technologies said: "SNX will have significant time-to-market advantage, as NDDB has approvals from a number of States to set up horticulture markets"

Commenting on the development, Mr Deepak Tikku, Chairman Mother Dairy Foods Processing said: "Over the last three decades, Mother Dairy has brought producers and consumers of dairy, horticulture and other products closer, ensuring regular supply of essential commodities at equitable prices. With the launch of SNX, we will provide on-line trading access to farmers, milk producers organisations and traders across the country."

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