NMCE gets 600 MT warehouse at Kushalnagar for Coffee storage

Bangalore, March 11, 2006: National Multi-Commodity Exchange of India (NMCE), a leading multi commodities exchange today announced that it has arranged for a warehouse for coffee through Central Warehousing Corporation (CWC) at Kushalnagar in Kodagu district of Karnataka. The new warehouse addresses a long pending demand of coffee growers in and around the district since otherwise they have to incur additional costs of transportation and also be exposed to additional risks while transporting. The warehouse which will be state-of-the-art to ensure the right environment for preserving the moisture and colour would have an initial capacity of 600 MT. The move is also keeping in view of the fact that Karnataka accounts for 68.6% (30.8% Arabica and 37.8% Robusta) of India’s coffee production (based on 2003-04 coffee season). Within Karnataka, most of the coffee grown is from these regions.
Making the announcement, Kailash Gupta, Managing Director, NMCE, said,”At NMCE we believe that the only way to make more people enter the system of trading is to make the infrastructure for doing so convenient, accessible and the process of doing so easy. All that any coffee grower has to do now is to deliver their produce at Kushalnagar itself instead of transporting it to Bangalore and get the CWC receipt of the same. And once he has a CWC receipt it allows them to trade through a broker and get the best possible deal on their produce. I am thankful to CWC for acceding to our request and arranging for the facility.”
According to S.C.S Rao, Regional Manager CWC, Bangalore” A majority of the coffee curing centers are located in and around the Kodagu district and our field study revealed that Kushalnagar will be the appropriate nerve center for locating the warehouse. We are happy to have the warehouse which will ultimately help even the small growers to deliver their produce at CWC.”
NMCE, one of India’s leading commodity exchanges and a pioneer in the space is promoted by Punjab National Bank, Central Warehousing Corporation, National Agricultural Co-operative Marketing Federation of India (NAFED), Gujarat Agro Industries Corporation (GAIC), National Institute of Agricultural Marketing (NIAM), Gujarat State Agricultural Marketing Board (GSAMB) and Neptune Overseas Ltd. (NOL). Which makes it the only such exchange in India with a backing relevant for an exchange dealing with diverse commodities and not one that is focused on technology or financials alone. With its emphasis on physical delivery, NMCE is the best and most secure platform for all the stakeholders. This NMCE believes is important for bringing more and more consumers into the trading circle, particularly the small growers of various commodities.

For editorial queries only contact Sonia/Prakruthi of PRHUB @ 22483007/8.