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The Silicon Review Asia

SFPC has signed a deal with Reliance Retail to sell 1,000 tonnes of Paddy for a price above MSP

SFPC has signed a deal with Reliance Retail to sell 1,000 tonnes of Paddy for a price above MSP

In Karnataka, more than 1,110 farmers have signed an agreement according to which they will be selling their paddy directly to Reliance Retail. The produce will be bought by the arm of Reliance Industry above the predetermined minimum support price (MSP). This deal will be carried out through a popular agro-tech company based in Sindhanur. V. Mallikarjun, Managing Director of Swasthya Farmers Producing Company (SFPC), stated that the company represents 1,100 farmers who are the company’s shareholders, and according to the deal, almost 1,000 tonnes of paddy will be sold to Reliance Retail for almost 1,950 rupees per quintal. Sindhanur town is in Raichur district, and it is almost 420km from the capital city of the state.

The agreement was signed by both the parties according to the newly amended Karnataka Agricultural Marketing Committee (KAPMC) Act, 2020. The new act allows the farmers to sell their products now directly or even to people outside the APMC yards. KAPMC will allow farmers to sell to anyone willing to pay more than the minimum support price fixed by the state. So far, the farmers have sent more than 100 tonnes of paddy to Reliance Retail. The company has a warehouse that is state-run, and the balance will be delivered to them in 10 days. 

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