Reliance Money, the financial distribution company of Anil Dhirubhai Ambani Group, will tie-up with the National Multi Commodity Exchange (NMCE) to set up a spot exchange for agricultural produce.  

The newly formed institution will be called National Agriculture Produce Marketing Company of India (National APMC).  

The spot exchange will provide an electronic trading platform, which will allow producers to get the best price for their commodity at a given point of time, since buyers from all across the country will be able to buy commodities through the exchange.  

According to Reliance Money, the initial investment in the exchange will be close to Rs 50 crore which can be scaled up as it expands in other states. However, NMCE plans to invest about Rs 100 crore in the spot exchange within the next one year.  

The National APMC aims to provide the required infrastructure for electronic trading in agricultural products, bringing in greater transparency, accessibility, risk management capability and price discovery. The company plan to reach out to all the 7,500 Agricultural Produce Marketing Committees (APMCs) across the country.

Gujarat Niyantrit Bazar Sangh, the apex body of more than 200 mandis in Gujarat, will also join in as a co-promoter of National APMC.  The exchange is expected to be launched in three months in Gujarat and Rajasthan.