Cotton Corporation to procure 6 million bales cotton by next Sept

Has tied up with a consortium of 14 banks; procurement to cost around Rs 12,000 crores

Cotton Corporation of India plans to procure six million bales of cotton this cotton year (Oct-Sept) at the cost of Rs 12,000 crore.

CCI has tied up with a consortium of 14 banks which is led by Bank of Baroda.

CCI has already procured 8 lakh bales from Andhra Pradesh and Telangana this cotton year. 

"We have still not decided when we will release cotton in the market. We will take a call after talking with the government,"said BK Mishra, CMD of CCI.

Mishra also added that cotton exports so far this cotton year is around 5 lakh bales and CCI may consider exporting if price of cotton still remains competitive. But, first local mills demand needs to be met.