The establishment of a new national export cooperative with an initial capital of Rs 500 crore; Amul and NAFED among the promoters.
The proposed national multi-state cooperative export society, which would be constituted under the Multi-State Cooperative Societies (MSCS) Act of 2002, will have a paid-up capital of Rs 2,000 crore, according to a senior official at the Union Ministry of Cooperation.
The official stated that there would be five promoters for the proposed export cooperative: Gujarat Cooperative Milk Marketing Federation (GCMMF), the promoter of the Amul brand; 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). According to the official, these five promoters will first contribute Rs 100 crore apiece.
Under the MSCS Act, this will be the largest of the three proposed national cooperative societies. Wednesday, the Union cabinet approved the formation of three national-level multi-state cooperatives under the 2002 Multi-State Cooperative Societies (MSCS) Act. These include the national-level multi-state export cooperative, the national-level multi-state organic cooperative, and the national-level multi-state seed cooperative.
The planned national cooperative will have an authorised share capital of Rs 500 crore. Nonetheless, its initial paid-up share capital would be Rs 250 crore. There will be five sponsors. These include three national cooperatives (IFFCO, KRIBHCO, and NAFED) and two statutory organisations (National Dairy Development Board (NDDB) and the NCDC).
According to an official, the proposed national cooperative society for organic products will have an authorised share capital of Rs 500 crore. Five cooperative organisations — GCMMF, NAFED, National Cooperative Consumers’ Federation of India Limited (NCCF), NDDB, and NCDC — have volunteered to establish an organic cooperative society at the ministry’s request. The society’s authorised share capital will be 500 billion rupees. Its initial paid-up share capital would be Rs 100 crore.
