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MoU signed in Kuala Lumpur between Rajinder Singh, Group Chairman at Sinton Group and Ashutosh Mishra, CEO at Agribid
Singapore-based global commodity trading company Sinton and agritech startup Agribid have announced a strategic partnership to revolutionize commodity procurement in the agriculture sector.
The partnership will begin with the beginning of Sinton Agribid Indonesia, which will transform Indonesia’s agricultural scene.
The formation of Sinton Agribid Indonesia will assume the role of supplying and delivering high-quality agricultural commodities to the Indonesian Government-linked companies for the next five years.
By joining forces, Sinton and Agribid can harness synergies from their respective areas of expertise, resources, and networks to ensure food security in Indonesia and other Southeast Asian countries.
Raising $50 million in funding
The partnership will raise up to $50 million in equity and debt to build warehousing and bring facilities to the top four seaports in India.
According to the company's statement, the project would enable the partnership to provide an all-encompassing solution to the value chain participant. It will aim to boost the export of Agri commodities through PACS and FPOs.
Leadership comments
Sinton’s Chairman & Chief Executive Officer (CEO), Rajinder Singh said, “We are excited about the opportunities that lie ahead through our collaboration with Agribid, "By joining forces, we can combine our strengths to address the evolving needs of the South East Asia agricultural sector. Together, we will strive to deliver value and drive sustainable development.”
Agribid Chief Executive Officer, Ashutosh Mishra echoed this sentiment, highlighting the significance of this partnership. He said, “We are thrilled to embark on this collaborative journey with Sinton to establish Sinton Agribid Indonesia. This partnership represents a convergence of strengths, as we combine our expertise in agricultural commodities with Sinton's innovative solutions. Together, we aim to drive positive change and contribute to the sustainable development of Indonesia's and South East Asia’s agricultural sector.”