Business

Reliance Money joins hands with NMCE

NEW DELHI: Anil Dhirubhai Ambani owned Reliance Money has decided to join hands with the National Multi-Commodity Exchange (NMCE) to set up a spot exchange for agricultural produce aimed at facilitating electronic trading in agri products. The joint venture plans to cover all the agricultural markets over the next one year. The two companies would set up National Agricultural Produce Marketing Company of India Ltd. (National APMC Ltd.) that would provide required infrastructure for electronic trading in agricultural products that would bring greater transparency, risk management capability and price discovery. “Electronic spot trading will unlock unprecedented value through benefits from better prices, transparent trading, guaranteed trades, better warehousing, logistics and lower marketing costs for farmers, traders and consumers,” Reliance Money CEO Sudip Bandyopadhyay said.

At the outset, the National APMC would set up delivery centres in Rajasthan and Gujarat and the electronic platform for spot trading in agri commodities would be made operational later this year.

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