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) for financing against commodities stored in the TFMY warehouse facility.
Tamil Nadu Foodgrains Marketing Yard (TFMY) is a unique project that aims to provide necessary infrastructures for cereals, pulses and staples (CPS) for milling clusters in and around Madurai. The project is being implemented under the chairmanship of S. Rethinavelu, Chairman and Managing Director. He is also the Senior President of Tamil Nadu Chamber of Commerce & Industry, Madurai.
The traders and processor can stockpile their produce in the warehouse and apply for finance against commodities through warehouse receipts (commonly known as Pledge Financing). Most of the depositors of TFMY warehouse are the customers of banks which 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.
Elaborating 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.”
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SLCM will be monitoring the goods and crops stored against each individual depositor using its proprietary solution ‘AgriReach’ which allows real-time monitoring and management of crops. SLCM will be using its cutting edge technology of surveillance ‘Agri Suraksha’ which is part of the AgriReach umbrella for monitoring, staff interaction, as well as surveillance of the selected warehouse. The organisation’s corporate headquarters in New Delhi are equipped to provide round-the-clock monitoring of produce across the country via mobile phones, handhelds and computers.
AgriReach is SLCM’s proprietary centralised real-time process management system, allowing agriculture experts to maintain the health of stored grains and ensure optimum quality using a series of processes, audits, and real-time tracking of the facilities.
According to SLCM, it has a network of more than 7,500 warehouses and has disbursed loans worth more than Rs 20 billion over the last three years through its wholly-owned subsidiary Kissandhan business unit. As on November 2021, SLCM had directly touched the livelihoods of over three crore people and positively impacted the lives of more than 19 crore people.
