SCLM ties up with TFMY to finance commodities stored in latter's warehouses

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Kolkata: SohanLal Commodity Management (SLCM), a 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 project that aims to provide necessary infrastructures for cereals, pulses and staples (CPS) for milling clusters in and around Madurai.

The traders and processors can stockpile their produce in the warehouse and apply for finance against warehouse receipts. 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.

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.”