Govt floats global tender for import of wheat | business | Hindustan Times
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Govt floats global tender for import of wheat

The government floats a global tender to import an unspecified quantity of wheat between October and December to build its buffer stock.

business Updated: Aug 23, 2007 15:52 IST

The government, which faced flak for importing wheat at a high price of $325.59 dollars in July, on Thursday floated a global tender to import an unspecified quantity of wheat between October and December to build its buffer stock.

The State Trading Corporation (STC) has floated the wheat import tender on behalf of the government, which had announced its plan to import about 50 lakh tons of wheat this year to build up buffer stock for meeting any exigencies like natural calamities.

The tender will close on August 29 and on the same day the bids will also be opened, STC said.

The public sector trading firm will take a decision on the quantity to be imported by September 3 based on prices quoted by the global suppliers, a government official said.

This is the third tender being floated by the STC this year. The government has gone ahead with its import plan despite criticism that it purchased the wheat at higher price in the last round of tender.

As of July 1 this year, the buffer stock stood at around 130 lakh tons against the buffer norm of 171 lakh tons.

STC had contracted 5.11 lakh tons of wheat in July through second tender at an average price of 325.59 dollars while the first tender was scrapped due to high price being quoted by the international suppliers.

"In addition to shipment by vessel loads supply can also be made in container loads loose in bulk. Suppliers have to indicate maximum quantity offered in vessel loads and/or container loads port wise each month," STC said.