Co-operative major Nafed, which is reeling under financial crunch, has incurred losses to the tune of Rs 50-60 crore this fiscal in the import of edible oils due to sharp fall in global prices.
?There is a loss of Rs 50-60 crore in edible oil imports under commercial operation,? National Agricultural Co-operative Marketing Federation (Nafed) Managing Director U K S Chauhan today said.
He said the co-operative had contracted 30,000 tonnes of edible oils this year on its own account.
Besides, Nafed had contracted 52,000 tonnes of edible oils on behalf of the Centre for supply under public distribution system. The losses in this operation, if any, would be borne entirely by the central government.
Chauhan said Nafed would not import edible oils for its commercial operation. ?We would not like to do any business which has greater risk involved?.
He, however, noted that the co-operative had earned profit in the previous fiscal in edible oils import.
Giving details about edible oils import made on government account, he said 19,000 tonnes is yet to be sold in the open market, which will be done in small quantities over a period of next one month.
Nafed posted a turnover of Rs 4,706.65 crore and incurred a loss of Rs 56.69 crore during 2007-08 fiscal.