IFFCO, Amul, NAFED, Kribhco, NCDC to promote national export coop society

New Delhi: IFFCO, GCMMF (Amul), Kribhco, NAFED and NCDC will jointly promote a newly announced national-level export cooperative society with an authorised share capital of Rs 2,000 crore for the trading of goods and services in the cooperative sector.

Last week, the Cabinet Committee on Economic Affairs (CCEA) approved a proposal to establish three new national-level multi-state cooperative societies to promote organic products, seeds and exports.

A national-level cooperative organic society, cooperative seed society and cooperative export society will be registered under the Multi-State Cooperative Societies (MSCS) Act, 2002.

According to sources, the registration of the National Export Cooperative Society will be completed soon and it will be based in the national capital.

The society will have an authorised share capital of Rs 2,000 crore. The initial paid-up share capital of the society is Rs 500 crore.

Four leading cooperatives IFFCO, KRIBHCO, NAFED, Gujrat Cooperative Milk Marketing Federation (GCMMF) -- which markets its products under the Amul brand -- and National Cooperative Development Corporation (NCDC) will be the promoters and contribute Rs 100 crore each.

Cooperatives from primary to national - are eligible to join the society as members.

The focus would be on exporting the surpluses available in the country in the cooperative sector, a source said, adding that the shipments would be of all kinds of products (food and non-food) in which there is surplus production.

The sources said the shipments are likely to start from this fiscal itself, and it would take 2-3 years for this export society to become a big export house.