Warehousing firm National Bulk Handling Corporation (NBHC) is aiming to double third-party procurement business to Rs 1,100 crore by the end of current financial year, a top company official said.
As part of diversifying its business, the company started its third party procurement business. In 2014-15, it procured 170,000 tonnes of agri-commodities valued at Rs 550 crore.
"We procured commodities worth Rs 550 crore, which we are expecting to double by the end of current financial year," NBHC Managing Director Anil K Choudhary told PTI.
Choudhary added that the company is mostly procuring agri-commodities like sugar, castor, pulses and Maize, for the established players in the food processing sector.
NBHC's core business is of providing end-to-end collateral and commodity management solutions. The company maintains more than 1,450 storage facilities across the country with a combined capacity of 3.3 million tonnes.
Of which it owns 5 storage facilities with a combined capacity of more than 90,000 tonnes.
"The company managed agri-commodities worth Rs 70,000 crore till 2014-15, and against that we arranged Rs 50,000 crore as warehouse receipt financing from 44 banks for farmers," he said.
He added that cumulative value of commodities managed by the end of of current financial year will reach Rs 90,000 crore.
NBHC was part of Financial Technologies India Ltd till April last year, later on it was acquired by India Value Fund.