Online portal for wholesale sugar trade launched

Indian Sugar Exim Corporation Ltd (ISEC) on Friday launched e-commerce platform to provide better selling options to sugar mills and more competitive rates to buyers.

The online platform would provide for trade options on continues market basis for sugar and allied products as well as better price discovery, it said.

The platform also offers efficient and transparent system and reduces intermediaries in the wholesale trading.

Union Food Secretary Ravi Kant formally rang the gong at a event making the e-commerce platform operational and called the development "major milestone" after the deregulation of the sugar industry by the government.

"I am sure the platform will help the sugar industry grow more competitive and it would lead to a more transparent market," he said. He asked millers to take advantage of the platform though the times was not good for the industry.

ISEC is a body promoted up by private and cooperative sugar millers and it has developed the online platform with the help of NCDEX eMarket Limited (NeML).

NeML Managing Director and CEO Rajesh Sinha said it hoped about 10-20 per cent of the total sugar produced in the country would be sold on the platform in next five years' time.

He said the platform would not just benefit sugar millers but bulk buyers, processors and pharma industry as well.

Sugar compliant with the FSSAI standards will be allowed to trade on the platform, he added

--IANS

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