Markfed share capital to be doubled

Special Correspondent

Fund of Rs. 100 crores sought to undertake market intervention schemes

HYDERABAD: The annual general body meeting of Andhra Pradesh State Cooperative Marketing Federation Ltd here on Friday resolved to double the organisation's authorised share capital to Rs. 18 crores and undertake market intervention scheme (MIS) operations.

The meeting also resolved to request the Government to create a market intervention fund of Rs. 100 crores to undertake MIS and make the primary agriculture cooperative and district cooperative marketing societies as nodal agencies for Government subsidy scheme at the mandal and district levels respectively.

It adopted a resolution making allotment of 50 per cent of total fertiliser to cooperatives from the stipulated quota of all manufacturers, according to an official release. P. Prabhakar, chairman, presided.

M.T. Krishna Babu, Managing Director, said Markfed would increase fertiliser business to 20 to 25 per cent of the total sales in the State, double the MSP operations and achieve Rs. 1,000-crore mark in two to three years with the strengthened networks of PACS and DCMS.