Ahmedabad-based National Multi Commodity Exchange (NMCE) is planning to enter the warehousing space by setting up over 10 modern warehouses across the country at an investment of Rs 50 crore.
“We have set aside an initial investment of Rs 50 crore, which may increase if need arises, to set up warehouses with most modern facilities including grading, assaying and certifying on its own. These warehouses would be an expansion of the commodity eco-system to deliver agri commodities without any loss of quality and quantity,” said Kailash Gupta, MD, NMCE.
The exchange’s entry into warehousing is significant as it is currently in a tie-up with the public sector Central Warehousing Corporation (CWC) for similar service, which also holds 26 per cent equity in it.
“Proposed to be set up in rural areas primarily, our warehouses will be equipped with all modern practices to deliver the best in the sector,” Gupta said.
NMCE entered warehousing in June this year, when it handled 4,800 tonnes of castorseed, which was later delivered for contracts that expired in August and September.
