India government to sell wheat in open market

India's government plans to sell at least 500,000 tonnes of wheat in the open market, with prices fixed between Rs1,379.7-Rs1,728.23 per quintal.

Tenders will be floated for sales of wheat between October and December in each State/Food Corporation of India (FCI) region and depot-wise bids would be invited, said a note sent by the Food Ministry to the FCI.

A seven-day notice will be given to bidders.

Buyers are required to start bidding at the base price fixed by the government. But industry players are unhappy that the open sale price has been fixed at such levels.

The open market sales are meant to tame inflation but the contrary has opened, said a flour miller.