New national export cooperative to be established with initial capital of Rs 500 crore; Amul, NAFED among promoters

This will be the largest of the three proposed national cooperative societies to be established under the MSCS Act. The Union cabinet Wednesday gave its nod to establish the three three national-level multi-state cooperatives under the Multi State Cooperative Societies (MSCS) Act 2002. These are national multi-state cooperative export society; national multi-state cooperative organic society; and national level multi-state seed cooperative.

The proposed national multi-state seed cooperative will have an authorised share capital of Rs 500 crore. However, it will be established with an initial paid-up share capital of Rs 250 crore. It will have five promoters. These include three national cooperatives —IFFCO, KRIBHCO and NAFED — and two statutory bodies — National Dairy Development Board (NDDB) and the NCDC.

The proposed national-level cooperative society for organic products will have an authorised share capital of Rs 500 crore, an official said. Five cooperative bodies — GCMMF; NAFED; and National Cooperative Consumers’ Federation of India Limited (NCCF); NDDB; and NCDC — have come forward to take the initiative of the ministry to set up an organic cooperative society. The society will have an authorised share capital of Rs 500 crore. It will have an initial paid-up share capital of Rs 100 crore.