NCEL, an umbrella body for cooperative sector exports registered under the Multi-State Co-operative Societies Act, 2002, was set up on January 25 this year. It has an authorised share capital of Rs 2,000 crore, with Rs 500 crore as the initial paid-up share capital.
Amul claimed that the price rise was necessary due to a 13–14 per cent increase in the price of cattle feed over the previous year, which increased the total cost of milk production for farmers.