The Union Cabinet on Thursday approved the proposal of the Department of Agriculture to amalgamate the State Farms Corporation of India (SFCI) with the National Seeds Corporation (NSC), both of which are wholly owned (100 per cent share) public sector undertakings.
The amalgamated entity will serve the interest of the farmers and the changing requirements of the Indian agricultural sector in a more effective way.
The proposed amalgamation of SFCI with NSCL would help Ministry in achieving its goal to provide quality, affordable seeds to every farmer even in the remotest parts of the country.
This effort will ensure last mile availability of seeds at economical price for a large number of subsistence farmers in India.
The amalgamation of SFCI with NSC is expected to leverage their combined assets and capital for increased production of quality seeds for the farmers.
With the present growth rates, profitability and synergy, the combined turnover would increase from Rs.1180 crore to Rs. 2046 crore by the year 2017 and Rs. 3112 crore by the year 2020.
The merged entity is expected to occupy the prime position in the Indian seed industry by year 2020. (ANI)