STC to buy wheat for Rs 7.17 bn
State Trading Corp of India Ltd said on Thursday it will spend about Rs 7.17 billion to import about 511,000 tonnes of wheat, in a tender notice on the Web site.
By PTI |
MUMBAI: State Trading Corp of India Ltd said on Thursday it will spend about Rs 7.17 billion to import about 511,000 tonnes of wheat, in a tender notice on the Web site. The tender was floated for getting insurance cover on the imported wheat, which is expected to arrive between August and November.
The average import price is pegged at $348 per tonne, said an analyst with a Mumbai-based brokerage. India on July 10 decided to buy wheat at $317-$330 per tonne from three global firms - Cargill, Toepfer and Riaz.
The insurance cover will be on any load port in the world such as Canada, Argentina, Black Sea, Australia, European etc, to Indian ports, namely Mundra, on the west coast, according to the tender.
The limit per bottom is 70,000 tonnes in Panamax vessels, amounting to about Rs 950 million rupees. Limit per location is Rs 1.9 billion.
The average import price is pegged at $348 per tonne, said an analyst with a Mumbai-based brokerage. India on July 10 decided to buy wheat at $317-$330 per tonne from three global firms - Cargill, Toepfer and Riaz.
The insurance cover will be on any load port in the world such as Canada, Argentina, Black Sea, Australia, European etc, to Indian ports, namely Mundra, on the west coast, according to the tender.
The limit per bottom is 70,000 tonnes in Panamax vessels, amounting to about Rs 950 million rupees. Limit per location is Rs 1.9 billion.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
