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FCI to release 46,000 mt of wheat in local market

posted Nov 1, 2011, 4:42 AM by Puneet Goyal
TNN Oct 22, 2011, 11.10AM IST

KOCHI: In order to ease the soaring price of wheat in Kerala market, the Food Corporation of India (FCI) will release 46,000 metric tonnes of wheat in the local market at highly competitive price. The tendering procedures for the sale of wheat have been completed and the tenders will be opened on Saturday.

FCI Kerala region deputy general manager BK Philip said wheat would be released under the open market sales scheme. "Wheat has been priced at Rs 1284.04 per quintal, and is being released under the open market sales scheme to bring down its price. In the open market it would cost 13 to 16 per cent more," the official said.The scheme was actually limited till March, but the government has decided to extend it to another three months.

"We are targeting both retail and bulk buyers in this scheme. The response to the scheme has been tremendous. We will get the real picture only when we open the tenders," the official said.As per the scheme, a retail buyer will be entitled to between three to nine tones of wheat. Only registered bulk buyers in the state would be entitled to large quantities.

"There are 41 FCI registered bulk buyers in the state. This is for the first time in 2011 that we are launching the open market sales scheme for wheat in Kerala," Philip added.