Millennium Post

NSEL ties up with Tanfed for online vegetable purchases

National Spot Exchange Ltd (NSEL), the electronic spot market for commodities, on Thursday said that it has tied-up with Tamil Nadu Co-operative Marketing Federation (Tanfed) for buying onion, potato and ginger online.

‘This will ensure higher price for farmers and lower price for retail consumers,’ NSEL manging director and CEO Anjani Sinha said.
 National Spot Exchange Ltd will procure potato, onion and ginger from key producing states through its online platform. The same will be supplied to 23 outlets run by Triplicane Urban Co-operative Society (TUCS) in Chennai at the cost price.

As per the agreement, ginger will be procured from Kerala, onions from Nasik, Maharashtra and potatoes from Agra, Uttar Pradesh, the exchange said.It would be a three-month pact initially and reviewed later. Orders would be placed on behalf of cooperative societies and payments would made by the Federation, sources said.

 National Spot Exchange Ltd, jointly promoted by Financial Technologies India Ltd and National Agricultural Co-operative Marketing Federation of India Ltd (NAFED), is a national-level institutionalised electronic spot exchange.
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