NAFED achieves business turnover of Rs 1,063.28 crore in 2011-12

NEW DELHI: Agricultural cooperative NAFED today said it achieved a business turnover of Rs 1,063.28 crore in 2011-12 fiscal.

Significant contribution in the turnover of NAFED for the financial year 2011-12 had come from procurement of wheat and paddy under the decentralised scheme of the state government.

Export orders mainly comprising onion worth Rs 11.52 crore were also undertaken, a NAFED statement said.

Welcoming the participants to the 55th AGM of National Agricultural Cooperative Marketing Federation of India Ltd. (NAFED), Chairman Bijender Singh informed that the federation was passing through a serious financial crisis as its substantial funds were stuck up with private parties.

Earnest endeavours were being made to recover the huge outstanding dues from the concerned parties by initiating legal and criminal proceedings, he said.

In order to bail out NAFED from this difficult situation, a proposal for financial restructuring of NAFED was under active consideration of the government, he added.

Managing Director, NAFED Rajeev Gupta tabled a detailed account of business activities of NAFED for the year 2011-12 before the General Body.

He also apprised the members that the government on the request of NAFED has notified it as financial institution for the limited purpose under the SARFAECI Act for disposal of non-performing assets of NAFED to Assets Reconstruction Companies in order to accelerate the process of recoveries from the parties.

Necessary further steps in this direction are being taken, he added.