MCX to ally with agri, insurance cos

Written by Prachi Karnik Pradhan | Mumbai, Dec 4 | Updated: Dec 5 2007, 06:36am hrs
The Multi Commodity Exchange (MCX) will enter into an alliance with seed, fertiliser, and insurance companies to distribute agri and insurance products, especially for crops at the doorstep of farmers with the assurance of quality.

MCX would soon tie-up with Jalna-based Mahyco Seeds Limited and Syngenta.

Lamon Rutten, joint managing director, MCX said that MCX has decided to offer some critical pre-harvest and post-harvest offerings. Rutten said that the products would be made available to farmers at the standard fixed price through the village-based branch post offices.

MCX has already tied up with Shriram Fertilizers and Chemicals Ltd.

Those farmers who used these products have reaped its benefits. MCX, in order to provide weather insurance for crops, would enter into an alliance with Kanpur-based Weather Risk Management Services Private Ltdd. The pilot project would be launched in Jalgaon. MCX is open to similar tie ups for crop insurance.

MCX plans to join hands with Life Insurance Corporation of India (LIC) for distribution of insurance products. Farmers have need for insurance protection. We aim to provide them with life insurance products soon, said an official.