Mahindra Agri Solutions signs MoU with MCX for data on agricultural pricing
Mumbai, August 3rd, 2017: Mahindra Agri Solutions Ltd., a wholly owned subsidiary of Mahindra and Mahindra Ltd. and Multi Commodity Exchange of India Limited (MCX), India’s No. 1 commodity exchange and, have signed a Memorandum of Understanding (MoU) to provide agriculture related price information. This information would be available on Mahindra’s recently launched mobile application- ‘MyAgriGuru’, which is available for free on Google play store.
Launched in February 2017, during the 7th Mahindra Samriddhi India Agri Awards, at the hands of The Honourable Union Minister of Agriculture – Shri Radha Mohan Singh, MyAgriGuru is a unique platform which aims to bring all the farmers and agri-experts across the country to a single platform. This is one of the fastest growing apps in the agriculture space, having crossed 1.5 lakh users within 6 months of its inception. MyAgriGuru provides all information to enable decision-making to farmers’ fingertips – Crop advisory, weather forecasts and most importantly Market Prices. The unique differentiation of MyAgriGuru is its open discussion platform – AgriBuzz – wherein any farmer can interact with the rest of the farmers and agri-experts connected to the platform. The interactions range from farming intensive enquiries on crop pest and diseases, crop planning, crop cultivation to larger issues like GST implications on agricultural product pricing. So far, over 7000 interactions have happened on the platform covering 67 crops.
This MoU would enhance the decision-making ability of the farmers further. To start with, MCX would be providing price information, open interest information, spot price, future price and derived data (analytics) for all the agri commodities namely – CPO (Crude Palm Oil), Cotton, Cardamom & Mentha Oil. Additionally, this partnership also signifies the vision of the two leading organizations to empower farmers by offering knowledge based solutions, and is in line with the Government's motive to digitize the agricultural sector.
Speaking on the occasion, Ashok Sharma, President – Agriculture Sector, MD & CEO – Mahindra Agri Solutions Ltd. said, “We are delighted to sign this MoU with MCX. Our objective is to educate farmers by delivering complete information on agricultural products. Today, India is experiencing an exciting phase of Farming 3.0, where we are witnessing innovative and digital disruptions in Agriculture and an initiative like MyAgriGuru is a significant step in that direction. In line with our philosophy of Delivering FarmTech Prosperity, through this partnership, we will enable farmers to manage prices and will also provide them with solutions that boost both agricultural productivity and farm incomes substantially.”
Mrugank Paranjape, MD & CEO - MCX remarked, “We are pleased to have signed this MoU with Mahindra Agri Solutions. At MCX, we have always encouraged the participants in the value-chain of commodities to utilize our exchange platform and manage price risks. By partnering with Mahindra Agri Solutions, we hope to include participation from the grass root level in the agricultural value chain and support the Government’s initiative of significantly enhancing the farmer’s income by 2022.”
The Multi Commodity Exchange of India Limited (MCX), India’s first listed exchange, is a state-of-the-art, commodity derivatives exchange that facilitates online trading, and clearing and settlement of commodity futures transactions, thereby providing a platform for risk management. The Exchange, which started operations in November 2003, operates under the regulatory framework of Securities and Exchange Board of India (SEBI).
MCX offers trading in varied commodity futures contracts across segments including on providing commodity value chain participants with neutral, secure and transparent trade mechanisms, and formulates quality parameters and trade regulations, in conformity with the regulatory framework. The Exchange has an extensive national reach, with 689 Members and 49,791 Authorized Persons with its presence in around 1300 cities and towns across India as on 31 March, 2017. MCX is India’s leading commodity derivatives exchange with a market share of 90.37 per cent in terms of the value of commodity futures contracts traded in FY 2017.
About Mahindra Agri Solutions Limited
With a vision to Deliver FarmTech Prosperity, Mahindra Agri Solutions Ltd. closely interacts with farmers to improve their produce, quality and productivity by providing latest advances in farm technologies and agricultural know how. It also helps farmers by linking them to the market to provide better returns for their quality produce and thereby improving their lives. With its wide portfolio of inputs viz. Seeds, Crop Care, Micro Irrigation Services backed by high quality advisory through Samriddhi outlets, Mahindra Agri Business has successfully helped Indian farmers increase their productivity over the years. At the same time, it has a strong outputs business consisting of Fruits and Vegetables, Pulses, Edible Oils and Dairy where again close links with the farmers allow it to provide products that stand for quality and purity. Having grown 12 fold in the last 6 years, Mahindra Agribusiness has become one of India’s largest grape exporters, launched its premium fresh fruit and dairy brand Saboro, and established ‘Farm to Fork’ presence across the Agri value chain. It has also ventured into branded pulses and oils segment with NuPro with the promise of highest quality backed by the Mahindra Quality Standards. It also hosts the pioneering Mahindra Samriddhi India Agri Awards, which celebrated its seventh edition and has attracted close to 260000 agricultural innovations and success stories till date.
The Mahindra Group is a USD 19 billion federation of companies that enables people to rise through innovative mobility solutions, driving rural prosperity, enhancing urban living, nurturing new businesses and fostering communities. It has a leadership position in utility vehicles, information technology, financial services and vacation ownership in India and is the world’s largest tractor company, by volume. It also enjoys a strong presence in agribusiness, components, commercial vehicles, consulting services, energy, industrial equipment, logistics, real estate, steel, aerospace, defence and two wheelers. Headquartered in India, Mahindra employs over 200,000 people across 100 countries.
Learn more about Mahindra on www.mahindra.com / Twitter and Facebook: @MahindraRise
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