NEW DELHI State-run trading company PEC is likely to award an international tender to purchase and import 250,000 tonnes of yellow corn to South Korea's Daewoo International, two government officials told Reuters on Friday.
Daewoo was the lowest bidder and likely to supply corn at an average price of $193 per tonne, they added.
PEC had received 15 bids in the range of $192.99 and $245 a tonne from global traders such as Noble, Cargill and Agro Corp for a total of 265,000 tonnes in its corn import tender.
India is traditionally a major corn exporter to South East Asia, but higher local prices due to the first repeat drought in nearly three decades and rising domestic demand have hampered exports.
(Reporting by Mayank Bhardwaj: Writing by Rajendra Jadhav; Editing by Subhranshu Sahu)
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Updated Date: Jan 22, 2016 19:29 PM