AHMEDABAD: Promoters of commodity exchange NMCE Reliance Money and Neptune Overseas have joined hands with farm produce marketing committees in Gujarat -- a major destination for the private sector-- to launch an electronic platform for physical trading in agriculture goods.
Reliance Money and Neptune Overseas have also decided to form a separate company National Agricultural Produce Market Company (NAPMC) in association with Gujarat Niyantrit Bazaar Sangh, an apex body of 209 agricultural produce marketing committees.
"As experience from futures market has been bitter, we collaborated with Reliance Money to open our own spot exchange," Sangh Chairman Narayan Lalludas Patel said, adding that the market for spot trading is opening up in the state so we decided to protect the interest of farmers.
Gujarat, a key producing state in several agriculture products, has emerged as a major destination for the private sector with as many as 12 players, including Jayant Agro, Gokul Refoils and Solvent, already receiving nod for direct procurement from farmers.
Sangh Honorary Secretary N I Chachatiya said, "We will soon file an application with the state government to obtain licence for starting a spot exchange." As soon as the nod is received, the spot exchange will be operationalised, he added.
He said the Agriculture Produce Marketing Committees (APMC) in the state can be a member of the spot exchange to offer the electronic platform in its premise.
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