National Spot Exchange Ltd, the electronic spot market for commodities, today said it has tied up with Tamil Nadu Co-operative Marketing Federation (Tanfed) for buying onion, potato and ginger online.
“This will ensure higher price for farmers and lower price for retail consumers,” NSEL’s Managing Director and CEO, Anjani Sinha, told PTI.
NSEL will procure potato, onion and ginger from key producing states through its online platform. The same will be supplied to 23 outlets run by Triplicane Urban Co-operative Society (TUCS) in Chennai at the cost price.
As per the agreement, ginger will be procured from Kerala, onions from Nashik, Maharashtra and potatoes from Agra, Uttar Pradesh, the exchange said.
It would be a three-month pact initially and reviewed later. Orders would be placed on behalf of cooperative societies and payments would made by the Federation, sources said.
NSEL, jointly promoted by Financial Technologies India Ltd and National Agricultural Co-operative Marketing Federation of India Ltd (Nafed), is a national-level institutionalised electronic spot exchange.