Iffco slashes DAP rates by Rs 50 per bag

Fertiliser major Iffco today said it has slashed the price of DAP fertiliser by Rs 50 per bag to Rs 1,200, a gift to the farmers as the cooperative is entering its golden jubilee year.
Di-ammonia phosphate (DAP) is the most widely used fertiliser after urea.
Besides, the cooperative has also reduced the price of NPK fertilisers by the same amount. The cost is reduced with an immediate effect and will be applicable across the country, IFFCO said in a statement.
The decision was announced today at the 45th annual general meeting of the cooperative here by its MD and CEO U S Awasthi.

"It is a gift to the farmers of the country as IFFCO will be entering into its golden jubilee year on November, 2016. This is one of the biggest reduction of the fertiliser rates in recent times," Iffco said in a statement.
Following the government's digital India theme, Iffco has transferred Rs 76 crore to around 36,000 member cooperative societies.

Iffco has five fertiliser plants in the country one each at Paradeep in Odisha, Kandla and Kalol in Gujarat and Phulpur and Aonla in Uttar Pradesh.
It has a combined capacity of 42.42 lakh tonnes of urea and 43.80 lakh tonnes of complex fertilisers.

Besides these five plants, the cooperative has a sulphuric acid plant in Jordan with an annual capacity of 4.75 lakh tonnes and an urea plant in Oman, in partnership with Kribhco, with an annual capacity of 16.5 lakh tonnes.