StarAgri is an

India India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the most populous democracy in the world. Bounded by the Indian Ocean on the so ...

based agricultural marketing company providing warehousing,

procurement Procurement is the method of discovering and agreeing to terms and purchasing goods, Service (economics), services, or other works from an external source, often with the use of a tendering or competitive bidding process. When a government agenc ...

and

Collateral Management Collateral has been used for hundreds of years to provide security against the possibility of payment default by the opposing party in a trade. Collateral management began in the 1980s, with Bankers Trust and Salomon Brothers taking collateral again ...

of Agri-Commodities. StarAgri was established in April 2006 by former

ICICI Bank ICICI Bank Limited is an Indian Private bank. It is headquartered at Mumbai. It offers a wide range of banking products and financial services for corporate and retail customers through a variety of delivery channels and specialized subsidiari ...

associates and has a presence at 190 locations across 16 Indian states. It has 800 agri commodity warehouses under its control, with a cumulative capacity of around 1.2 million metric tons. The number of employees at the company is over 500.StarAgri has five post-harvesting focus areas: agri-warehousing,

collateral management Collateral has been used for hundreds of years to provide security against the possibility of payment default by the opposing party in a trade. Collateral management began in the 1980s, with Bankers Trust and Salomon Brothers taking collateral again ...

, lab testing and

logistics Logistics is generally the detailed organization and implementation of a complex operation. In a general business sense, logistics manages the flow of goods between the point of origin and the point of consumption to meet the requirements of ...

. A bulk of its revenues (65%) are derived from warehousing services.

History

StarAgri was founded in April 2006 by four former ICICI associates: Suresh Goyal, Amith Agarwal, Amit Mudawala and Amit Khandelwal. The company was formed with an initial paid-up capital of Rs.5 lakhs. The paid-up capital was raised to Rs.50 lakhs in 2007–08.

Tie-Ups

StarAgri has tie-ups with 23 banks and financial institutions that give farmers credit, using agri-commodities in the warehouses as collateral. In 2007, the company launched its warehousing services with Rs 303 crore credit facility from ICICI Bank, for warehouse receipt-based funding. In 2009, StarAgri tied up with Axis Bank and

Punjab National Bank Punjab National Bank (abbreviated as PNB) is an Indian public sector bank headquartered in Delhi. The bank was founded in May 1894 and is the second largest government-owned bank in India, both in terms of its business volumes and its network ...

, for collateral management services. During the same year, the company also entered into a strategic alliance with

NCDEX National Commodity & Derivatives Exchange Limited (NCDEX) is an Indian online commodity and derivative exchange based in India. It is under the ownership of Ministry of Finance, Government of India. It has an independent board of directors a ...

as a warehousing service provider. In 2012, StarAgri collaborated with

State Bank of India State Bank of India (SBI) is an Indian multinational public sector bank and financial services statutory body headquartered in Mumbai, Maharashtra. SBI is the 49th largest bank in the world by total assets and ranked 221st in the ''Fortune ...

, for farmer funding and

. It also entered into a partnership with Dena Bank in the same year for warehousing receipt funding. In 2013, the company signed Memorandum of Understanding with

Corporation Bank Corporation Bank was a public-sector banking company headquartered in Mangalore, India. The bank had a pan-Indian presence. Presently, the bank has a network of 2,432 fully automated CBS branches, 3,040 ATMs, and 4,724 branchless banking units ...

for providing finance against warehousing receipts. In February 2014, StarAgri tied up with

Canara Bank Canara Bank is an Indian public sector bank under the control and ownership of Ministry of Finance, Government of India. Established in 1906 at Mangalore by Ammembal Subba Rao Pai, the bank also has offices in London, Dubai and New York. Hist ...

. The partnership is to assist farmers in financing their requirements at all stages of the

supply chain In commerce, a supply chain is a network of facilities that procure raw materials, transform them into intermediate goods and then final products to customers through a distribution system. It refers to the network of organizations, people, acti ...

, ranging from pre-harvesting to the

marketing Marketing is the process of exploring, creating, and delivering value to meet the needs of a target market in terms of goods and services; potentially including selection of a target audience; selection of certain attributes or themes to emph ...

and export stages. In July 2014, StarAgri entered into Memorandum of Understanding with

Karnataka Bank Karnataka Bank Limited is an Indian private sector bank based in Mangalore. It is an 'A' Class Scheduled Commercial Bank with a network of 898 branches, 1 extension counter, 885 ATMs, 563 cash recyclers and 546 e-lobbies/mini e-lobbies across ...

for extending storage facilities to farmers and finance against the warehouse receipts. Taaza Plaza is a Public Private Partnership (PPP) between Star Agriwarehousing & Collateral Management Ltd. (StarAgri) along with Fuzion Inc. Pvt. Ltd. (Fuzion) and the Maharashtra State Agriculture Marketing Board (MSAMB).

References

{{reflist Agriculture companies of India