Government today approved a proposal to amalgamate two state-run seed companies, State Farms Corporation of India (SFCI) and National Seeds Corporation (NSC) so as to form a new entity.
The Union Cabinet approved the proposal of Agriculture Ministry to amalgamate the SFIC with NSC to raise the combined turnover to Rs 3,112 crore by the year 2020 from Rs 1,180 crore at present, an official statement said.
"The proposed amalgamation of SFCI with NSC would help Ministry in achieving its goal to provide quality, affordable seeds to every farmer even in the remotest parts of the country," the statement said.
The Ministry proposed the amalgamation to ensure last mile availability of seeds at economical price for a large number of subsistence farmers in India.
The amalgamation of SFCI with NSC is expected to leverage their combined assets and capital for increased production of quality seeds for the farmers, it added.
The new entity would help the Ministry in achieving its goal to provide quality, affordable seeds to every farmer even in the remotest corners of the country.
The merged entity is expected to occupy the prime position in the Indian seed industry by year 2020, it added.
