The procurement cooperative NACOF which is being led by former NCCF Chairman Ram Iqbal Singh, has approached the Central Registrar seeking resolution of its loan-interest issue with the co-operative lender NCDC.
“NACOF which took a loan of Rs 100 crore from the NCDC has paid the principal amount and what remains unresolved is the interest amount, which we are ready to pay at the rate of simple interest”, said its Chairman Ram Iqbal talking to Indian Cooperative on the side lines of its 11th AGM held recently at the NCUI headquarters.
We have approached the Central Registrar who has agreed to our submission in principle and has assured to write to NCDC on the issue, said Ram Iqbal. Meanwhile NACOF, has impressive achievements to show off as are evident from its Annual Report, Singh added.
In this financial year NACOF achieved the sales turnover of Rs 901 crore as several state governments have been using the NACOF services for procurement of Wheat, Paddy under MSP. Also, various State Civil Supplies Corporations and State Government Departments are patronizing NACOF for procurement of their needs e.g. Pulses, Sugar, Edible Oil etc, said the Chairman in the AGM.
The net profit of NACOF before Tax is Rs.2.14 crore for the year under report, said the Chairman. “The net profit will be appropriated in accordance with the Multi State Cooperative Act & Rules, 2002 and also according to the recommendations of the Board and Bye-laws of NACOF”, he added.
Detailing the activities Nacof is currently involved in, Ram Iqbal Singh said the co-op body is regularly participating in the gem competition with the private players. NHAI is also placing their orders with NACOF for the supply of plants & planting material under Green Highway Mission, he added.
NACOF has also executed the MoU with the Jute Corporation of India for marketing of their produce and procurement of Raw Jute under MSP. Various State Governments are in touch with NACOF for the treatment of polluted water in lakes by using Bioremediation technology, the Chairman stated.
State Governments of Madhya Pradesh and Chhattisgarh have placed the order for processing of solid waste in the States. We have also established a full-fledged Skill Development Centre at Raipur, he stated.
Ram Iqbal apprised the members in the AGM that State Governments of West Bengal, Jharkhand, Assam, UP, MP, Chhattisgarh, Karnataka, Haryana, Punjab, AP, Telangana, Rajasthan, Maharashtra, Bihar, Tamil Nadu and Union Territories e.g. Chandigarh, J&K, Pondicherry & other States are regularly utilizing the services of NACOF.
NACOF also undertakes production & marketing of seeds under its brand name of NACOF and has established a Dairy Division at Jaipur in joint venture with our registered Business Associate. The Chairman also informed that NACOF has by now established 25 branches in the country which are manned by expert officers and staff, claimed Ram Iqbal in the AGM.
