India's two state-run trading companies have issued tenders to import 330,000 tonnes of maize.
The Dollar Business Bureau
India's two state-run trading companies have issued tenders to import 330,000 tonnes of maize with an aim to stimulate supplies of the grain and bring down rocketing domestic prices.
PEC Limited has initiated a tender to import 200,000 tonnes of maize in December this year and January next. The company announced the last date for submitting bids as July 29.
The State Trading Corp of India (STC) has sought to import 130,000 tonnes of maize for shipments in August. STC announced the last date for submitting bids as July 28.
India, in the past, had found it difficult to source non-genetically modified corn. The government allows only plantation and consumption of genetically modified maize.
Earlier this month, India had aspired for a government-backed trader for the inbound shipments of half a million tonnes of corn. Commerce and Industry Minister Nirmala Sitharaman had approved inbound shipments of 500,000 MT of corn under Tariff Rate Quota to check price rise and prevent hoarding.
In India, maize is planted twice a year. The summer crop plantation has already been started, and supplies are expected to be available from mid-September. The winter crop is usually planted in October and harvested in March and April.
India has traditionally been a major exporter of corn to Southeast Asian countries, but due to drought, there has been decreased production, but increasing domestic demand has reduced export supplies.