PEC to float 3.5 lakh tn wheat tender

State-run commodity trading company PEC is likely to float a global tender this week-end to import up to 3.5 lakh tonnes of wheat as part of the 10 lakh tonnes of the foodgrain the government plans to buy from overseas to beef up buffer stock.

Last week, another state-owned company MMTC had contracted for 3,42,500 tonnes of wheat. "PEC has been asked to float the tender and it may come by this week-end," a senior government official said.

PEC is likely to fix the delivery of imports by March 10, he added.

PEC is likely to get similar price quotes to what MMTC received in its tender, an official with a multinational agri-trading firm said.

"Yes, we would definitely participate in the PEC bid. The prices would be same as that we quoted in MMTC, except for a few changes for the Mundra and Kandla ports," he said.

MMTC contracted import wheat from US-based Cargill and Switzerland's Glencore at over $400 a tonne. It had received bids in the range of $397-488 a tonne for a total quantity of 10.15 lakh tonnes.

MMTC, PEC and STC have been mandated to import 10 lakh tonnes in equal proportion.

The government has engaged public sector companies MMTC, STC and PEC to import 10 lakh tonnes of wheat, over and above 13 lakh tonnes already contracted this year.

STC, which was the sole agency to import wheat last year and has also contracted 13.06 lakh tonnes this year, would float its tender after PEC completes the procedure, the source said.