Vedavaag Systems tie up with Kiya Agro Industries Pvt Ltd

Vedavaag Systems Limited has signed a MoU with M/s Kiya Agro Industries Private Limited, Mumbai to launch an eCommerce platform and Mobile App to build market place for Agri produce/Agri Commodities. The MoU envisages incorporating a subsidiary namely M/s Vedavaag Kiya eCommerce Pvt Ltd with an equity contribution of 51% from Vedavaag Systems Limited, 40% from Kiya Agro Industries Private Limited and the balance 9% from the promoters of Vedavaag Systems Limited. M/s Kiya Agro Industries is into Agri Commodities trading, exports and imports. Kiya has made a turnover of Rs. 133 crores in the current year up to Aug 2021 and is targeting a turnover of Rs. 400 crores for the current financial year. M/s Kiya Agro has good connect with domestic Agri traders, as well with overseas buyers of agro commodities.

Vedavaag, being technical partner, shall develop eCommerce platform and mobile application for building market place for agri commodities, while Kiya Agro shall take care of agri commodity market.

India's Agri commodities export for the last financial year is estimated at US$32Billion. India Agri Exports is likely to reach US$60Billion by 2022.

Shares of VEDAVAAG Systems Limited was last trading in BSE at Rs. 61 as compared to the previous close of Rs. 60.95. The total number of shares traded during the day was 22582 in over 205 trades.

The stock hit an intraday high of Rs. 62 and intraday low of 60.05. The net turnover during the day was Rs. 1376115.

Source : Equity Bulls

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