Amul, NAFED among promoters of New national export cooperative

The proposed national multi-state cooperative export society, to be established under the Multi State Cooperative Societies (MSCS) Act, 2002, will have a paid-up capital of Rs 2,000 crore, a top official at the Union Ministry of Cooperation said Thursday.

The official said the proposed export cooperative will have five promoters — Gujarat Cooperative Milk Marketing Federation (GCMMF), the Amul brand’s promoter; National Agricultural Cooperative Marketing Federation of India Ltd (NAFED); National Cooperative Development Corporation (NCDC); Indian Farmers Fertiliser Cooperative Limited (IFFCO); and Krishak Bharati Co-operative Limited (KRIBHCO). Initially, these five promoters will invest Rs 100 crore each, the official said.

This will be the largest of the three proposed national cooperative societies to be established under the MSCS Act. The Union cabinet Wednesday gave its nod to establish the three three national-level multi-state cooperatives under the Multi State Cooperative Societies (MSCS) Act 2002. These are national multi-state cooperative export society; national multi-state cooperative organic society; and national level multi-state seed cooperative.

The proposed national multi-state seed cooperative will have an authorised share capital of Rs 500 crore. However, it will be established with an initial paid-up share capital of Rs 250 crore. It will have five promoters. These include three national cooperatives —IFFCO, KRIBHCO and NAFED — and two statutory bodies — National Dairy Development Board (NDDB) and the NCDC.

The proposed national-level cooperative society for organic products will have an authorised share capital of Rs 500 crore, an official said. Five cooperative bodies — GCMMF; NAFED; and National Cooperative Consumers’ Federation of India Limited (NCCF); NDDB; and NCDC — have come forward to take the initiative of the ministry to set up an organic cooperative society. The society will have an authorised share capital of Rs 500 crore. It will have an initial paid-up share capital of Rs 100 crore.

Source : Indian Express Jan 19th 2023 by Harikishan Sharma