Iffco

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

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

Iffco net profit rose 16% in FY25; nano fertiliser sales up around 47%

IFFCO reports Rs 2,823 crore FY25 net profit with strong nano fertiliser sales but flags slow adoption; turnover grows 4.5 per cent to Rs 41,244 crore

IFFCO profit rises 16% to 2,823 cr, revenue up 4.5% to Rs 41,244 cr

Fertilizer major IFFCO on Thursday reported 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 posted a net profit of Rs 2,443 crore and turnover of Rs 39,474 crore in the 2023-24 fiscal. Cooperative IFFCO Managing Director U S Awasthi highlighted that sales of nano fertilisers rose 46 per cent last fiscal to 364.41 lakh bottles (of 500 ml each) but rued that "growth in sale volumes is not as per the expectation". Asserting that the nano fertilisers are effective if application is done in prescribed manner, he said the cooperative is focusing on creating awareness about the benefits of the new products. It is investing a lot on purchasing drones for spraying nano liquid. He said the cooperative has got a good response for nano-fertilisers in overseas markets, including Brazil and the United ...

IFFCO-Tokio enters surety bonds business to support infra projects

IFFCO-Tokio joins a handful of insurers offering surety bonds to support small contractors and infrastructure projects as segment eyes Rs 3 trillion growth by 2030

Iffco warns against unauthorised sale of its products on e-com platforms

The Indian Farmers Fertiliser Cooperative Ltd (IFFCO) on Wednesday issued a stern warning against the unauthorized sale of its products on e-commerce platforms, stating it has not granted permission to any online marketplace to sell its products. The world's largest fertiliser cooperative emphasized that purchases made through these unauthorized platforms would be at the buyer's own risk and liability. IFFCO, in a statement, also said these platforms were misleading buyers by charging unfair rates and selling discarded products. "IFFCO will initiate legal action against those involved in unauthorized sales without an FCO licence or the required 'O' Form." The cooperative, which has been serving farmers for more than five decades, clarified that only its authorized retailers can sell IFFCO products through approved channels. The official prices for all products, including nano-fertilisers, are available on the company's website (www.iffco.in). IFFCO also cautioned against fraudulen

Iffco seeks govt nod to launch new nano NPK fertiliser in retail market

Fertiliser major IFFCO, which has introduced nano liquid urea and nano liquid DAP, has now developed nano NPK nutrient and sought the government's approval to launch it in the market. IFFCO's MD U S Awasthi said the cooperative will launch nano NPK product, which is in granule form, after the necessary approval from the government. He said the company will produce this product at its Kandla unit. IFFCO will sell this product at Rs 950 per bag of 5 kg, Awasthi said, adding that this will significantly reduce the consumption of urea and DAP (di-ammonium phosphate). In September, he said that the cooperative has invested around Rs 2,000 crore since 2017 on its two new innovative products nano liquid urea and nano liquid DAP. He is hopeful that farmers will adopt these key nutrients in a big way over the next 2-3 years. IFFCO launched the world's first 'Nano Liquid Urea' fertiliser in June 2021. Thereafter, it came up with Nano-DAP fertiliser in April 2023. Nano urea is available at

GST on health insurance needs to be reduced: IFFCO Tokio's Subrata Mondal

Mondal discussed the future plan of the companies along with the emerging challenges for the sector

Iffco invested Rs 2,000 cr since 2017 on nano fertilisers: MD Awasthi

Fertiliser major IFFCO has invested around Rs 2,000 crore since 2017 on its two new innovative products nano liquid urea and nano liquid DAP and is hopeful that farmers will adopt these key nutrients in a big way over the next 2-3 years, its Managing Director U S Awasthi said. Cooperative IFFCO launched the world's first 'Nano Liquid Urea' fertiliser in June 2021. Thereafter, it came up with Nano-DAP (di-ammonium phosphate) fertiliser in April 2023. Nano urea is available at around Rs 240 per bottle of 500 ml while nano liquid DAP at Rs 600 per bottle. "We have invested around Rs 2,000 crore since 2017 on nano fertilisers," he said. The investments have been made in research and development and setting up manufacturing plants along with branding and marketing activities. Awasthi said the co-operative is also investing Rs 200 crore annually in the promotion of nano-urea and nano-DAP and increasing awareness among farmers about how to use these products along with conventional urea a

Swan Energy likely to sell FSRU stake to Turkey's Botas for $400 million

Billionaire Nikhil Merchant-led Swan Energy Ltd has said it plans to sell its stake in a floating LNG receipt terminal to Turkey's state-run Botas for USD 399 million. The company plans to sell assets of subsidiary Triumph Offshore Pvt Ltd to Botas Trading IC, according to a regulatory filing. "The definitive documents shall be signed in due course," it said, adding the deal is likely to be completed in six months. The sale consideration of USD 399 million is to be received in multiple tranches over an unspecified period. Triumph Offshore Private Limited (TOPL) owns a 5 million tonnes a year floating storage and regasification unit (FSRU) called Vasant-1. Swan Energy holds 51 per cent in TOPL while fertiliser maker IFFCO the remaining 49 per cent. The filing did not say if IFFCO is also offloading its stake. Swan is building a liquefied natural gas (LNG) import facility at Jafrabad in Gujarat. In the initial phase, gas, which is used to make fertilizers, generate electricity and

Iffco to spend around Rs 80 cr on building model 'nano' villages

In these model villages or clusters, Iffco would undertake focused activities to encourage farmers to adopt nano products such as nano urea and diammonium phosphate

Iffco withdraws case against Triumph Offshore, Swan Energy in NCLT

Iffco recently exited TOPL by selling its 49 percent stake to Swan Energy for Rs 440 crore

Marut Drones, Iffco team up for spray ops in 500,000 acres in AP, Telangana

Marut Drones on Thursday said it has tied up with cooperative fertiliser major IFFCO to undertake drone spray operations in five lakh acres of farmland in Andhra Pradesh and Telangana. Under the terms of the agreement, Marut Drones will be employing state-of-the-art drone technology to administer a range of agricultural inputs developed by IFFCO agri-products, an official statement said. This initiative aims to optimise crop yields while minimising environmental impact, ultimately contributing to sustainable agricultural practices. Marut Drones co-founder and CEO Prem Kumar said: "The utilisation of drones addresses labour shortages by completing tasks in a fraction of the time it would take manually, significantly enhancing operational efficiency". By providing drones as a service for farmers, this collaboration empowers local communities and fosters self-employment opportunities, the company said.

Drone Destination partners Iffco for spraying agri products on 3 mn acres

Drone company Drone Destination on Monday said it has signed an agreement with cooperative major IFFCO for spraying agricultural products on up to 30 lakh acres of farm land. According to company officials, under the agreement Drone Destination could get paid in the range of Rs 400 to Rs 800 per acre at prevailing market rates, implying that the deal will fetch a revenue of Rs 120 crore in the lower price band and up to Rs 240 at upper price band. "We have secured a mandate for agri spray over 30 lakh acres. The prevailing market rate of such agri spray is in the range of Rs 400-800 per acre depending upon the region and the crop," Drone Destination managing director and CEO Chirag Sharma said. As part of the agreement, Drone Destination will undertake drone spray in 12 states across the country. These states include Andhra Pradesh, Bihar, Gujarat, Haryana, Karnataka, Madhya Pradesh, Maharashtra, Punjab, Rajasthan, Telangana, Uttar Pradesh, Uttrakhand. "We are elated to partner wit

Iffco plans to begin production of Nano Urea Plus fertiliser this week

Cooperative major IFFCO on Monday said it will begin production of the 'Nano Urea Plus' fertiliser this week and its commercial sale from May 1. Nano Urea Plus is a new version of nano urea meant for meeting crop nitrogen requirements at critical growth phases. Currently, IFFCO offers 'Nano Urea' with 1-5 per cent weight by weight nitrogen content. However, the Nano Urea Plus fertiliser has 16 per cent nitrogen content weight by weight. "We will start the production of Nano Urea Plus this week and the product will be available in the market from May 1," a senior IFFCO official told PTI. The production of Nano Urea Plus will begin at IFFCO's three plants, each with the capacity to produce 2 lakh bottles every day. The government has already notified the specifications of the Nano Urea Plus fertiliser and IFFCO will manufacture it for three years. The IFFCO official said Nano Urea Plus is a chlorophyll charger and yield booster and helps in climate-smart farming. IFFCO has three n

Govt notifies specifications of Iffco's 'Nano Urea Plus' fertiliser

The government has notified specifications of a new product 'Nano Urea Plus' fertiliser to be manufactured by cooperative IFFCO in the country for the next three years. Nano Urea Plus is a new version of nano urea meant for meeting crop nitrogen requirements at critical growth phases. As per the gazette notification, the government has approved Nano Urea Plus in liquid form with 16 per cent nitrogen content and pH value of 4-8.5 and viscosity of 5-30. This product will be manufactured by the cooperative major IFFCO for a period of three years, it said. "IFFCO's Nano Urea Plus is an advanced formulation of Nano Urea in which nutrition is redefined to meet crop nitrogen requirements at critical growth phases. It is used in place of conventional urea and other nitrogenous fertilisers for promoting soil health, farmer's profitability & sustainable environment," IFFCO Managing Director and CEO U S Awasthi said on a social media platform X. It also enhances the availability and ...

Iffco to buy 200,000 tonne ammonia produced using green energy from ACME

Cooperative fertiliser major IFFCO will buy from ACME Cleantech Solutions about 2 lakh tonne of ammonia manufactured via renewable energy. In a statement on Friday, IFFCO said it has signed a memorandum of understanding (MoU) with renewable energy company ACME for supply of commercial grade ammonia. Ammonia will be produced at ACME's plant in Gopalpur, Odisha using renewable energy and supply the same to Indian Farmers Fertiliser Cooperative Limited (IFFCO), it said. Ammonia is an important base material for fertilisers. "IFFCO signed an MoU with ACME Cleantech Solutions for the purchase and supply of about 2,00,000 tonne ammonia made through renewable energy route," IFFCO said. The cooperative said it will use the ammonia supplied by ACME for manufacturing complex fertilisers at Paradeep unit in Odisha and Kandla unit in Gujarat. It also mentioned that ACME would retain a green credit and trade in the form of ITMO (Internationally Transferred Mitigation Outcomes) with other ...

NCLT denies relief to Iffco, asks Triumph to discuss issues before Apr 4

The National Company Law Tribunal has directed Swan Energy-IFFCO joint venture Triumph Offshore to hold a board meeting before April 4 to discuss issues raised by minority shareholder IFFCO regarding feasibility and viability of offering services to operate vessels. The NCLT (National Company Law Tribunal) has set April 4 as the next date of hearing of a plea filed by IFFCO, seeking to restrain Triumph Offshore from passing any resolution without its approval and issuing any share/security to the lenders for paying loans. Triumph Offshore is a joint venture between fertiliser player IFFCO and Swan Energy Ltd (SEL) which is engaged in onshore gas distribution terminal business. The joint venture was formed to set up a floating storage and regasification unit (FSRU). FSRU is a floating vessel having tanks for LNG storage. SEL has a 51 per cent stake and IFFCO owns 49 per cent in Triumph Offshore. Earlier this month, IFFCO moved the Ahmedabad bench of the NCLT, seeking to restrain ...

Iffco moves NCLT against Triumph Offshore, Swan Energy for restrain orders

IFFCO has moved the NCLT against Swan Energy Ltd (SEL) and their joint venture Triumph Offshore to restrain their JV firm from passing any resolution without its approval and issuing any share/security to the lenders against loans. Seeking an injunction against any such proposal, IFFCO, in its petition filed before the Ahmedabad bench of the NCLT, alleged that Triumph Offshore is pre-paying the debt, which may result in dilution of its shareholding in the joint venture firm and is detrimental to its interest. IFFCO has moved the NCLT under sections 241 and 242 of the Companies Act 2013, alleging oppression and mismanagement. It has prayed to restrain Swan Energy and Triumph Offshore "from passing any board resolution without the prior written approval of petitioner (IFFCO), with reference to the substitution of the bank term loan with promoters loan or from issuing any shares/security or any instrument convertible into equity in favour of R2 (SEL) or any third party, which may resul

Iffco ranked 1st among 300 cooperatives in world, 72nd in overall turnover

Commenting on retaining the top position in consecutive years, Dr. Uday Shankar Awasthi, Managing Director, IFFCO, said, "It is a proud moment for us at IFFCO and Indian Cooperative Movement as well

WCopEF formed to give voice to over 3 mn cooperatives across globe

Leading cooperative sector experts have come together to form the World Cooperative Economic Forum (WCopEF) to give voice to over three million cooperatives spread across the globe, employing 10 per cent of the total workforce worldwide. The WCopEF will endeavour to promote cooperative thinking and cooperative movement, in addition to raising issues and concerns of the sector with the governments and other stakeholders around the globe. "WCopEF journey is starting at the juncture of ideation of an equitable economy, tempered by pragmatism. We are transitioning to a new engagement with the international cooperative economic order," Dileep Bhai Shanghai, one of the founder members of the Forum, said in a statement. Shanghai, Chairman of the fertilizer major IFFCO and President of National Cooperative Union of India (NCUI), had also earlier served as a member of parliament and a Minister in the Government of Gujarat. The other founder members of the WCEF are Binod Anand, member MSP ..