LT Overseas signs MOU for organic farming

LT Overseas Ltd has announced that the Company has signed a MOU with Madhya Pradesh State Industrial Corporation Ltd Corporation, Bhopal.

This MOU is executed in Khujuraho on January 16, 2007 between:

Madhya Pradesh State Agro Industries Development Corporation Ltd, an undertaking of Government of Madhya Pradesh, having its registered office at Bhopal, Madhya Pradesh, India (MPAGRO which expression shall unless repugnant to context include its successors and permitted assigns) as party No.1.

and

The Company, registered under the provisions of Companies Act 1956 having its registered office at New Delhi, Delhi — India (LTOL which expression shall unless repugnant to context include its successors and permitted assigns) as party No. 2

RECITALS:

1. Party No.1 is marketing agricultural inputs and farm equipments and having its network in all the District head-quarters of M.P. State.

2. Party No. 2 will work for up-liftment of farmers through extension activities in Districts of Hoshangabad, Raisen, Vidisha, Betul and wherever possible to grow premium quality paddy and will also promote organic farming by rendering services for package of practices, quality planting material and will also buy-back produce of farmers enlisted by Party No.1.

3. Party No 2 will create paddy processing facility for approximate 50,000 MT per annum in the first phase in Madhya Pradesh and will expand this to 1,50,000 MT paddy per year in phased manner in three phases.

4. Both the parties agree as under:

(i) Party No 1 agrees to facilitate Party No 2 by enlisting paddy grower farmers through its network in M.P.

(ii) Party No 1 will follow-up proposals of Party No. 2, which needs Government intervention at Ministry of Food Processing, Government of India, APEDA and National Horticulture Board.

(iii) To help regular supply of raw-material for the upcoming food processing industrial unit of Party No.2, Party No. 1 will boost up paddy development programme of Party No. 2, among the farmers through various modes and interested farmers will be encouraged for paddy cultivation for Party No. 2.

(iv) The Commercial terms related to this MOU between Party No. 1 and Party No. 2 will be mutually decided and a separate agreement shall be prepared afterwards.

Source : Equity Bulls

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