National Spot Exchange Ltd (NSEL), the leading online spot commodity trading platform promoted by Financial Technologies, has tied up with about 300 farmers in Kerala to facilitate direct selling of agricultural produce to consumers.
NSEL and the farmers have floated a company, Western Ghats Agro Growers Ltd (WGAGL). The aim is to make the farmers equal partners in the agricultural value chain. With a base capital of Rs 15 lakh, paid fully by NSEL, the company has half its equity from the farmers through a soon-to-be-formed co-operative society. The remaining half would be owned by NSEL, which is also investing a big amount on technology and infrastructure for facilitating trading by farmers. With its domain expertise in agri commodities, NSEL plans to run WGAGL for the first five years.