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StarAgri is an India based agricultural marketing company providing warehousing, procurement and Collateral Management of Agri-Commodities. StarAgri was established in April 2006 by former ICICI Bank associates and has a presence at 190 locations across 16 Indian states.[2] It has 800 agri commodity warehouses under its control, with a cumulative capacity of around 1.2 million metric tons.[3] The number of employees at the company is over 500.[1]StarAgri has five post-harvesting focus areas: agri-warehousing, procurement, collateral management, lab testing and logistics. A bulk of its revenues (65%) are derived from warehousing services.[4]
| Industry | Agribusiness |
|---|---|
| Founded | April 2006 |
| Headquarters | , |
| Services | Agriculture Warehousing |
Number of employees | 550[1] |
| Website | www |
History
editStarAgri was founded in April 2006 by four former ICICI associates: Suresh Goyal, Amith Agarwal, Amit Mudawala and Amit Khandelwal.[4][5] 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.[citation needed]
Tie-Ups
editStarAgri has tie-ups with 23 banks and financial institutions that give farmers credit, using agri-commodities in the warehouses as collateral.[6]
In 2007, the company launched its warehousing services with Rs 303 crore credit facility from ICICI Bank, for warehouse receipt-based funding.[7]
In 2009, StarAgri tied up with Axis Bank and Punjab National Bank, for collateral management services. During the same year, the company also entered into a strategic alliance with NCDEX as a warehousing service provider.[8][9]
In 2012, StarAgri collaborated with State Bank of India, for farmer funding and collateral management.[10] It also entered into a partnership with Dena Bank in the same year for warehousing receipt funding.[11]
In 2013, the company signed Memorandum of Understanding with Corporation Bank for providing finance against warehousing receipts.[12]
In February 2014, StarAgri tied up with Canara Bank. The partnership is to assist farmers in financing their requirements at all stages of the supply chain, ranging from pre-harvesting to the marketing and export stages.[13]
In July 2014, StarAgri entered into Memorandum of Understanding with Karnataka Bank for extending storage facilities to farmers and finance against the warehouse receipts.[14]
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).[15]
References
edit- ^ a b "This Rajasthan-based rural service provider has profited by helping farmers". businesstoday.in. April 28, 2013.
- ^ "IDFC Private Equity announces investment of INR 150 crores in Staragri Warehousing and Collateral Management Ltd" (PDF). idfc.com. Retrieved 2014-03-03.
- ^ "StarAgri Warehousing and Collateral Management Wins in Star SME Agriculture (small) category Ltd" (PDF). idfc.com. Retrieved 2014-03-03.
- ^ a b "StarAgri: Building storage capacities & much more". moneycontrol.com. Retrieved 2014-03-03.
- ^ "For the sake of farmer's harmony!". thesmartceo.in. Retrieved 2014-03-03.
- ^ "It may hold commodities worth Rs 1,500 crore in its warehouses, but this company's services extend way beyond storage". forbesindia.com. Aug 27, 2013. Retrieved 2014-03-03.
- ^ "History & Milestones". staragri.com. Retrieved March 4, 2014.
- ^ "Inspiring Indian Entrepreneurs". tamindia.com. August 1, 2012. Retrieved 2014-03-03.
- ^ "Empanelled Banks and Financial Institutions". staragri.com. Retrieved March 4, 2013.
- ^ "SBI, StarAgri tie-up for farmer funding and collateral management". moneylife.in. September 13, 2012. Retrieved 2014-03-03.
- ^ "Dena Bank, Star Agri partner for warehousing receipt funding". thehindubusinessline.com. June 18, 2012. Retrieved 2014-03-03.
- ^ "Corporation Bank Inks Pact with M/s Star Agri Warehousing and Collateral Management Ltd. for providing finance against Warehouse Receipts". kannadigaworld.com. November 12, 2013. Retrieved 2014-03-03.
- ^ "Canara Bank, StarAgri tie up". thehindubusinessline.com. February 14, 2014. Retrieved 2014-03-03.
- ^ "Karnataka Bank enters into agreement with Staragri". moneycontrol.com. July 26, 2014. Retrieved 2014-05-26.
- ^ "Retail store on wheels 'Taaza Plaza' launched in Maharashtra". indiatimes.com. October 10, 2013. Retrieved 2014-04-03.