GNFC gets Porter prize for promoting cashless transactions

Gujarat Narmada Valley Fertilisers & Chemicals (GNFC) has bagged Porter Prize for second year in a row for innovative and pioneering role in promoting cashless/less cash drive.

The prize is administered by the Institute for Competitiveness, India, which works in affiliation with Harvard Business School, USA, GNFC said in a statement issued today.

This recognition was established to felicitate Indian companies competing on the basis of value creation, innovation and strategy, it said.

GNFC said the company has sold so far about 4 million bags of fertiliser worth nearly Rs 130 crore to over three lakh farmers via cashless means across many states of the country using PoS machines, BHIM, and other digital means.

The company has created infrastructure of PoS machines, special apps, and trained over two lakh farmers, fertiliser retailers and students in executing cashless transactions, it said.

It has helped replicate the cashless/less cash township model in synergy with Niti Aayog by handholding and facilitating 100+ townships in the oil, power, fertiliser, and other sectors, to turn them into cashless/less cash townships, the statement said.

GNFC is jointly promoted by the Gujarat government and the Gujarat State Fertilizers & Chemicals Ltd (GSFC).