Mother Dairy, MCX in tie up

Kolkata, Sep 20: Mother Dairy Foods Processing Limited, a group company of NDDB (National Dairy Development Board) and the owner of brands like "Mother Dairy" Safal' and Dhara, has signed a joint venture agreement with Financial Technologies (India) Ltd and MCX (Multi Commodity Exchange of India Ltd) to establish the SAFAL National Exchange of India Ltd (SNX).

Headquartered at SAFAL Market in Bangalore, SNX would be a subsidary company of Mother Dairy Foods Processing Ltd, with 51 per cent shareholding. MCX and FTTL would jointly hold 49 per cent.

This joint National initiative would provide for the first time a nationwide platform for trading in horticulture (Fruit and vegitables), floriculture, dairy and allied products, MCX chairman and managing director Jignesh Shah said.

SAFAL, NDDB's Fruit and vegetable project, would provide its expertise in post-harvest handling of perishable commodities and organise farmer associations.

Financial Technologies and MCX would provide the core technology along with the domain expertise and know-how to set up the first spot exchange for trading in horticulture, floriculture, dairy and allied products in the country.

SNX aims to provide the required infrastructure for electronic trading in horticulture, floriculture, dairy and allied products bringing in greater transparency, asccessibility, and price discovery.

The exchange-based spot trading would allow producers to get the best possible price for their commodity at a given point of time since buyers from all across the country would be able to buy commodities through SNX.

UNI