The FCI on Wednesday said the government aims to earn $ 600 million by exporting 2 million tonne wheat stored in its godowns.
The Cabinet Committee on Economic Affairs (CCEA) had last month permitted export of additional 2 million tonnes wheat via state trading firms such as STC, PEC and MMTC to clear surplus stocks with the Food Corporation of India and had fixed the floor price of $300 a tonne.
"FCI will export two million tonnes of wheat in the coming months to earn valuable foreign exchange of nearly $600 million for the country," an official release said.
A sub-committee, headed by FCI chairman and MD C Viswanath, will meet soon to finalise formalities for floating global tenders, it said.
Last year, government had earned $1.4 billion from export of 4.2 million tonne wheat by PSUs. Indian wheat had fetched an average price of $311.38 per tonne.
"The acceptability of Indian wheat in the international market is an encouraging sign as evident from the sale last year. Therefore, another 2 million tonnes of wheat will be offered to the foreign buyers," a senior FCI officer said. "We have the stocks. It is also the right time to enter the international market," he added.
After the tenders are floated, an Empowered Committee, headed by the Commerce Secretary, will approve the successful bidders.