Indian Oil to now sell seeds
NSCL ties up with IOC to sell its complete range of agriculture solutions to farmers, reports M Rajendran.Updated: Oct 17, 2006 19:43 IST
The National Seeds Corporation Ltd (NSCL) has tied up with Indian Oil Corporation (IOC) to use the oil giant's network of outlets to sell its complete range of agriculture solutions to farmers.
The public sector seed major has also obtained board approval to amend its articles of association and diversify into bio-pesticides and bio-fuels. NSCL will tie up with private companies to produce and sell these products.
NSCL is also examining whether it can sell bio-fertilisers to farmers through its own outlets as well, so as to become a one-stop shop for farmers.
According to documents available with Hindustan Times, IOC will initially set up and manage about 1,000 Kisan Seva Kendras (KSKs) that will provide a whole range of farm equipment and products.
NSCL chairman and managing director BB Pattnaik confirmed that a memorandum of understanding had been signed.
"We are in process of signing similar agreements with other institutions and companies in the farm sector too," confirmed a senior IOC official said on condition of anonymity.
"With companies like Bharti and Reliance entering the farm sector, we see a major opportunity. They would need high-quality fruit and vegetable seeds and NSCL has the capability to fill that gap," said Pattnaik.
First Published: Oct 17, 2006 19:43 IST