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As part of its strategy to take the benefits of futures trading to farmers’ doorstep and reach out to every corner of India, today Tata Power, India’s largest Integrated Power Utility signed an Memorandum of Understanding (MoU) with Multi Commodity Exchange (MCX), India’s leading commodity exchange. Through this alliance, the benefit of futures price information will be spread to more than 2000 farmers across 25 villages of Maharashtra where Tata Power has its project and Corporate Social Responsibility (CSR) activity. The joint CSR initiative is named as ‘Sahyog’ (Partnership).
The objective of this alliance is to increase accessibility of spot and future prices of agricultural commodities traded on MCX and advisory services of water shed management by Tata Power. This information will empower farmers to take well informed decisions of crop selection as well deciding the time to sell their produce. The advisory services will educate farmers of better practices. 25 villages will be covered under this arrangement benefiting more than 2000 farmers. The partnership will roll out in Maval and Mulshi area around Pune during the month of October 2009.
Speaking on this development, Mr. Lamon Rutten, MD & CEO, MCX said, “Since inception we have believed in taking the benefits of markets to the masses and reaching out to those at the bottom of the pyramid. Unlike their counterparts across the globe, farmers in India are lacking proper market information at the time of crop planning and selling their produce. This tie-up will empower many farmers with the information required to take the right decisions. We are happy to partner with the Tata Group, India’s most trusted brand, on this initiative of bridging the urban-rural divide.”
Dr Gobind Baghasingh, Head-HR & CSR, The Tata Power Company Limited said, “Farmers are the driving force of the agricultural sector. We stand committed to various reforms that improve the economic power of farmers and are glad to be associated with MCX, India’s leading commodity exchange in implementing the same. Further on, we are looking at expanding the scope and reach of the program”
Under this project, MCX would conduct capacity and awareness building programs for farmers, provide all the study material and support in price information dissemination & other related activities. Tata Power will provide all the financial and logistics support for the project and will appoint village level representatives to disseminate information and ensure that information is updated and sustained.”
About Tata Power:
Tata Power is India's largest private sector power utility with an installed generation capacity of over 2300 MW and a presence in all the segments of the power sector viz Generation (thermal, hydro, solar and wind), Transmission, Distribution and Trading. The Company has successful public-private partnerships in Generation, Transmission and Distribution - "North Delhi Power Limited" with Delhi Vidyut Board for distribution in North Delhi, 'Powerlinks Transmission Ltd.' with Power Grid Corporation of India Ltd. for evacuation of Power from Tala hydro plant in Bhutan to Delhi and 'Maithon Power Ltd.' with Damodar Valley Corporation for a 1050 MW Mega Power Project at Jharkhand. It has acquired 30% stake in Coal Companies at Indonesia and is developing the first 4000 MW Ultra Mega Power Project at Mundra (Gujarat) based on super-critical technology. With its track record of technology leadership, customer care and redefining contours of the Indian power sector, Tata Power is poised for a five-fold growth and committed to 'lighting up lives' for generations to come.
About MCX
Headquartered in the financial capital of India, Mumbai, MCX (www.mcxindia.com) is a demutualised nationwide electronic futures exchange with permanent recognition from Government of India. MCX offers the benefit of fair price discovery and price risk management to the commodity market ecosystem.
Various commodities across segments are traded on MCX. These include bullion, energy, metals and agri commodities. The exchange has forged strategic alliances with various Indian and International commodity exchanges, trade associations, education institutions and CSR partners.
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