NEW DELHI India will offer an extra 6.5 million tonnes of wheat to commercial biscuit makers and flour millers at cheap prices as it seeks to trim bulging stocks and keep a lid on local prices, the government said on Saturday.
India, the world's second-biggest rice and wheat producer, has been struggling to store huge stockpiles of the staples after bumper harvests since 2007. Some 6 million tonnes are still under tarpaulin at risk of decay.
To avoid further damage, the government freed up 3 million tonnes of wheat in June for sale to bulk consumers such as biscuit makers and flour mills at $210 per tonne. The following month, it allowed 2 million tonnes of wheat exports.
The government also approved allocating 500,000 tonnes each of wheat and rice to sell to states.
(Reporting by Mayank Bharadwaj; Editing by Toby Chopra)
Trending On Reuters
The U.S. Department of Justice (DoJ) has subpoenaed India's largest drugmaker Sun Pharmaceutical Industries Ltd seeking information about the pricing and marketing of the generic drugs it sells in the United States, the company said on Saturday. Full Article