Cooperative major Iffco appoints KJ Patel as new MD, replaces Awasthi

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Cooperative major Iffco has appointed K J Patel as its new Managing Director (MD) with former chief U S Awasthi's term ending on Thursday.

Iffco Chairman Dileep Sanghani announced Patel as the new MD, the cooperative said in a statement.

Patel, who was Director-Technical at Iffco, holds a mechanical engineering degree from Saurashtra University and has a rich experience of more than 32 years in the maintenance of Nitrogenous & Phosphatic fertiliser plants.

He was heading the Iffco Paradeep Plant, the biggest complex fertiliser plant in India.

"Patel brings deep industry knowledge and, proven strategic thinking approach that aligns with the goals of Iffco," Sanghani said.

Further, he said the board is confident that Patel will steer Iffco into a new era of innovation and value creation.

Sanghani also thanked the outgoing MD US Awasthi for his invaluable contribution and dedication to Iffco as well as farmers across the country.

Iffco posted a 16 per cent increase in net profit to Rs 2,823 crore and a 4.5 per cent growth in turnover to Rs 41,244 crore during the last fiscal on higher sales of conventional soil nutrients as well as nano liquid urea and nano liquid DAP.

It had clocked a net profit of Rs 2,443 crore and turnover of Rs 39,474 crore in the 2023-24 fiscal.