Origo Commodities ties up with PNB to finance farmers, MSMEs

- Advertisement -
- Advertisement -

msmeWednesday, September 09, 2014:  Punjab National Bank and Origo Commodities have signed an agreement on 8 September for providing financial assistance to farmers and MSMEs against warehouse receipts. Origo Commodities India Pvt Ltd is into post-harvest solutions and warehouse management services.

Two of them have entered into a Memorandum of Understanding (MoU) for warehouse receipt financing and is aiming to disburse 5 billion this fiscal year. It has been signed on a pan-India basis, but there would be significant emphasis over Southern India.

Origo Commodities mentioned in a statement, “Under this MoU, PNB, through warehouse receipts issued by Origo, will cater to the needs of MSMEs and farmers by providing financing against a pledge of agricultural commodities.”

- Advertisement -

It further added, “Both MSMEs and farmers are expected to benefit greatly from this association as Origo and PNB target a disbursement of over Rs. 500 crore in the current financial year under this tie up.”

Commenting upon the newly made association, Origo Commodities Director Mayank Dhanuka mentioned that the association with PNB would help the company reach wider and diversified markets and play a significant role in transforming the rural supply chains.

Origo currently has over three hundred warehouses into operation and more than 3.5 million tonnes of commodities with value of $1.5 billion under management. It offers services like commodity handling, collateral management and procurement services to farmers, processors, producers and corporate houses.

SS Bhatia, GM, MSME, PNB told the business line, “This initiative would help change the dynamics of commodity supply chains at the farmer level by creating the opportunity for farmers to fetch a higher price for their produce and protect them from the hassles of distress selling.”

- Advertisement -

Related Artcles

Exclusive

“More Chargers Provide Security And Confidence To Customers, Encouraging EV Adoption”

0
With an agenda to transform the EV industry, EarthtronEV has established 250+ charging stations on major highways across India. The company aims to interconnect...

5G RedCap To Transform IoT Module Shipments

0
Over 60% of IoT module shipments will originate from the Asian & Oceania region. Automotive sector is expected to be a significant driver. The...
XR Headset Quest 3, Meta

Global XR Headset Shipments See A Major Decline, Sony Rises

0
Sony grabbed a market share of 24% in 2023 up from 1% in 2022. Bulky form factor, and lag, hinder adoption by serious...

Buzz

Tenstorrent- RISC V cores

MosChip Collaborates With Tenstorrent For Advanced RISC-V Cores

0
Tenstorrent has selected Moschip due to their tape out expertise in design services. India’s MosChip Technologies has announced partnership with computing company Tenstorrent and to...

BYD Aims For 20% Increase In Yearly EV Sales

0
The company is targeting sales of 500,000 vehicles internationally this year, over twice the amount sold last year, and aims to increase that figure...

RRP Electronics To Invest ₹5000 Cr In OSAT and R&D In Maharashtra

0
Cricket legend Sachin Tendulkar is investing in this semiconductor facility. Such celebrated personalities investing in the sector could be a great asset to the...

Important Sectors

“More Chargers Provide Security And Confidence To Customers, Encouraging EV Adoption”

0
With an agenda to transform the EV industry, EarthtronEV has established 250+ charging stations on major highways across India. The company aims to interconnect...

BYD Aims For 20% Increase In Yearly EV Sales

0
The company is targeting sales of 500,000 vehicles internationally this year, over twice the amount sold last year, and aims to increase that figure...

RRP Electronics To Invest ₹5000 Cr In OSAT and R&D In Maharashtra

0
Cricket legend Sachin Tendulkar is investing in this semiconductor facility. Such celebrated personalities investing in the sector could be a great asset to the...

Subsidy Cuts Push E2W Makers Towards Budget Models

0
Electric two-wheeler manufacturers face reduced government subsidies and growing competition from established petrol vehicle brands in the upcoming fiscal year. These challenges compel them...

Nissan To Invest In Renault’s Ampere For EV Roadmap

0
The alliance aims to introduce both five-seater and seven-seater models for each brand in India. Japan's Nissan Motor has committed to investing in Renault's electric...

Manufacturing

JLR To Hire 250 Electrical Technicians For Future EVs

0
These new roles, part of a £15 billion investment, are in addition to 300 positions created last year by the British car maker. Jaguar Land...

Altmin India Partners With WMG To Advance Battery Tech

0
Altmin and WMG will collaborate to strengthen their global battery materials supply chain position by optimizing cathode materials and developing diverse cell designs across...

EVs To Cost Less Than Gas Vehicles by 2027, Says Gartner

0
Gartner predicts a faster decline in production costs compared to battery costs, which represent the most significant expense in an electric vehicle, accounting for...
MG

MG Motor To Set Up Battery Assembly Unit At Halol Facility

0
The company plans to investigate battery cell production in collaboration with external partners. Automaker MG Motor India is actively exploring the possibility of assembling and...

Servotech Boosts India’s EV Charging Infrastructure With Manufacturing Facility

0
The new facility is poised to start with an annual production capacity of 24,000 power modules and plan to scale up to 2.4 lakh...