Financial Daily from THE HINDU group of publications
Friday, Apr 11, 2003
Financial Daily from THE HINDU group of publications Friday, Apr 11, 2003 |
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Agri-Biz & Commodities
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Corporate Farming Corporate - Alliances & Joint Ventures Escorts gets into contract farming Our Bureau
MUMBAI, April 10 IN a yet another contract farming initiative, Punjab Agro Industries Corporation (PAIC) has signed a memorandum of understanding with Escorts Ltd to undertake contract farming in an area of 50,000 acres for basmati, oilseeds and durum wheat during the kharif and rabi seasons of 2003-2004. Escorts and PAIC will be finalising the implementation of business plan for development and installation of a modern silo-based grain handling, storage and processing system for durum wheat as a collaborative venture. "Escorts will work with PAIC for facilitating contract farming for basmati rice and durum wheat in the districts of Ludhiana, Moga, Sangroor, Muktsar, Faridkot and Bhatinda,'' a press release from Escorts Ltd said. The company will provide the full range of agro inputs and extension services including supplies of seeds, pesticides, fertilisers, agricultural equipment and agronomic package of practices to the farmers in these districts. Last week, the Punjab Government announced its foray into contract farming of basmati rice in collaboration with Rallis India Ltd, ICICI Bank and LT Overseas Ltd. This programme involves growing basmati rice across 30,000 acres of land by way of a contract farming initiative. Punjab has earmarked 27 lakh acres, out of its total 105-lakh acres of cultivable land, for crop diversification. The target is to be met by 2007. In 2002-2003, the target for crop diversification was three lakh acres, across Punjab. Crops taken up were canola, sunflower, winter vegetables, basmati, maize, guargum and mentha. For the next season, PAIC would be looking at rapeseed mustard, canola, durum wheat and barley. PAIC is also working with other players including Mahindra & Mahindra, Pepsi, United Breweries for Barley and Cargil.
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