The Food Corporation of India (FCI) has chosen to launch the first tender on Friday, one day after the central government made the decision to sell 3 million tonnes (mt) of wheat that was in official reserves on the open market. The actual online auction could happen on February 1.
According to sources in the flour milling business, FCI’s Chairman and Managing Director Ashok Meena instructed top officials of various zones to make all necessary arrangements to ensure that wheat immediately reaches the market for which guidelines will be released as soon as possible.
Meena instructed them to act immediately from as many depots as possible after informing them that out of 3 mt, the government has chosen to sell 2.5 mt via e-auction. Depending on the supply at each depot, quantities ranging from 10 tonnes to 3,000 tonnes per customer should be made accessible to ensure that small buyers, flour millers, and large purchasers all receive the cereal.
Meena emphasized that the first several e-auctions should feature the largest offering of wheat, but even smaller offers of up to 10 tonnes may be made from as many depots as feasible. In order to send grain from where it is accessible to supplement where stockpiles are relatively low, he instructed FCI’s zonal heads to identify more wheat rakes with the corporate office.