Food Corporation inks deal with NCDEX

Food Corporation of India (FCI) today singed a memorandum of understanding (MoU) with National Commodity and Derivatives Exchange (NCDEX) and National Collateral Management Services (NCMSL).

The MoU was signed in the presence of Sharad Pawar, union minister of agriculture, consumer affairs, food and public distribution. 

"The tie-up would help farmers to know prices of their produce prevailing in different parts of the country," Pawar said.

Under the terms of MoU, FCI would carry out procurement and sale of foodgrains from co-operative societies all over India with the help of NCDEX.

The exchange is to act as a facilitator to carry the procurement through its associate company NCMSL.

FCI would use the trading platform of NCDEX to promote on-line foodgrain trading - both spot and futures - on mututally agreed terms through over 6,000 NCDEX terminals spread over 440 centres in the country.