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IFFCO ranks first among world's top 300 cooperatives

Press Trust of India  |  New Delhi 

Fertiliser major IFFCO topped the list of world's premiere 300 cooperatives, according to the World Cooperative Monitor's latest report for 2014.

The world cooperative monitor is a partnership between the International Cooperative Alliance (ICA) and the European Research Institute on Cooperative and Social Enterprise (Euricse).

IFFCO is also the only cooperative from to be featured in this list. The criteria for selection of top cooperatives were the per capita and the annual turnover of 2012, the cooperative said in a statement quoting the World Cooperative Monitor's report.

This year's report presents of data analysis on the largest cooperatives around the world using 2012 data. The data was collected on the basis of a questionnaire and features 1926 cooperatives from 6 countries with a combined turnover of USD 2,623.1 billion.

IFFCO has the highest turnover on per capita amongst the 1926 cooperatives from 65 countries that were surveyed for the report. The fertiliser major also stood first among the 523 cooperatives from 30 counties that were surveyed for the agriculture and food industries sector, it added.

On the findings of the report, IFFCO Managing Director U S Awasthi said, "it was the result of the efforts of the IFFCO employees who tirelessly work towards the goal of getting fertiliser at the best possible prices to Indian farmer."

He added that IFFCO has proved that cooperatives are not only inclusive but also sustainable and conduct business in a democratic way.

Lauding the efforts of entire team of IFFCO, Chairman B S Nakai said, "IFFCO has seen a sharp rise in production, energy saving, turnover and profit since Awasthi took over as the Managing Director and hoped that this will continue in the coming years.

First Published: Thu, October 30 2014. 18:56 IST