Sohan Lal Commodity Management (SLCM), India’s leading holistic service provider in the global post-harvest space for agricultural commodities, has signed an agreement with the Tamil Nadu Foodgrains Marketing Yard (TFMY) to provide finance against commodities stored in the TFMY warehouse facility.
Tamil Nadu Foodgrains Marketing Yard (TFMY) is a unique project that aims to provide the necessary infrastructure for Cereals, Pulses, and Staples (CPS) for the Milling Cluster in and around Madurai. The project is being implemented under S. Rethinavelu, chairman and managing director. He is also the senior president of the Tamil Nadu chamber of commerce and industry, Madurai.
SLCM and TFMY to promote the ease of financial inclusion for Agri traders and processors
The traders and processors can stockpile their produce in the warehouse and apply for finance against warehouse receipts (commonly known as Pledge Financing). Most of the TFMY warehouse depositors are the customers of banks that have a tie-up with SLCM as their ‘Empanelled Collateral Manager.’ As a result, SLCM will be instrumental in smooth processing and easy facilitation of funds for the depositors.
Commenting on the association, Sandeep Sabharwal, chief executive officer, SLCM Group, said, “The agreement with TFMY is a major step towards promoting the ease of financial inclusion for Agri traders and processors. Our strong relations with six leading private and public sector banks of India will be pivotal in enabling easy access to financial help for commodity depositors in warehouses. We are humbled that the Tamil Nadu government has placed its confidence in us.”