Tata Power Links with MCX to Empower Farmers

Monday, October 12, 2009

As a part of its strategy, to take the benefits of the future’s trading to farmers’ doorstep and reach out to every corner of India, The Tata Power Company Ltd, India’s largest Integrated Power Utility signed a Memorandum of Understanding (MoU) with Multi Commodity Exchange (MCX), India’s leading commodity exchange. Through this alliance, the benefit of the future price information will be spread to more than 2000 farmers across 25 villages of Maharashtra where Tata Power has its project and Corporate Social Responsibility (CSR) activities. The joint CSR initiative is named as ‘Sahyog’ (Partnership).

The objective of this alliance is to increase accessibility of spot and future prices of agricultural commodities traded on MCX and advisory services of water shed management by Tata Power. This information will empower farmers to take well informed decisions of crop selection as well deciding the time to sell their produce. The advisory services will educate farmers of better practices. 25 villages will be covered under this arrangement benefiting more than 2000 farmers. The partnership will roll out in Maval and Mulshi area around Pune during the month of October 2009.

Speaking on this development, Dr Gobind Baghasingh, Head-HR & CSR, The Tata Power Company Limited said, “Farmers are the driving force of the agricultural sector. We stand committed to various reforms that improve the economic power of farmers and are glad to be associated with MCX in implementing the same. Further on, we are looking at expanding the scope and reach of the program”

Source: Press Release (link opens in a new window)