Page 2 - Iffco

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 ..

Farmer's to get a bird's eye view: IFFCO to purchase 2,500 agri drones

Company will give them to 5,000 select entrepreneurs free of cost and train them for use

IFFCO, Kapoor Enterprises ink pact for export of nano liquid urea to US

Leading fertiliser cooperative Indian Farmers Fertiliser Cooperative Ltd (IFFCO) on Thursday said it has signed an agreement with California-based Kapoor Enterprises Inc for export of nano liquid urea to the US. The agreement was signed on June 21 in the backdrop of Prime Minister Narendra Modi's visit to the US. "IFFCO now started exporting ...nano liquid urea to the USA," the cooperative said in a statement. IFFCO, however, did not provide any details about the quantity and value of the contract it has bagged from Kapoor Enterprises. Currently, the cooperative is exporting more than 5 lakh bottles of nano liquid urea to more than 25 countries. In June 2021, IFFCO launched the world's first nano urea fertiliser, while nano DAP in April this year. A 500-mililitre bottle of IFFCO nano urea liquid will replace at least one bag of conventional urea. The bottle can significantly bring down the cost of logistics and warehousing, the cooperative said. IFFCO has already sold more than

IFFCO's net profit increases by 62% to record Rs 3,053 cr last fiscal

Cooperative major IFFCO, which sells conventional granular as well as nano (liquid) fertilisers, has reported 62 per cent increase in net profit to record Rs 3,052.73 crore for the last fiscal year on better income. Its profit stood at Rs 1,883.77 crore in the previous year. Total revenue also grew to Rs 60,324 crore in 2022-23 from Rs 40,171.67 crore in the previous year. "IFFCO has registered the highest ever Profit After Tax of Rs 3,053 crore along with the highest ever turnover of Rs 60,324 crore for FY22-23," IFFCO's MD U S Awasthi said. He attributed the record profit to better plant performance, efficient marketing channel, good support from the government and better management. On operational front, IFFCO reported the highest production of 95.61 lakh tonne last fiscal. It also achieved the highest production of nano fertilisers at 479.38 lakh bottles of 500 ml each. The company sold 128.07 lakh tonne of fertilisers in the last fiscal. The sale of nano fertilisers was at r

IFFCO-Tokio crosses Rs 10,000 crore gross written premium in FY23

IFFCO-Tokio General Insurance on Friday said it has achieved a milestone of generating Rs 10,000 crore of gross written premium for the current fiscal. IFFCO-Tokio General Insurance Company Limited is a 51:49 joint venture between Indian Farmers Fertilizer Co-operative (IFFCO) -- one of the world's biggest cooperative societies -- and Tokio Marine Group, the largest listed insurance group in Japan. HO Suri, Managing Director and CEO of IFFCO Tokio, said there are many segments of the business, which represents growth. However, Health Insurance and Crop Insurance verticals are the top most segments, witnessing a growth of 28 per cent and 47 per cent, respectively, he said. In terms of geographical growth, Suri said Assam, Maharashtra, Madhya Pradesh and Chhattisgarh and West Bengal have shown remarkable growth. "Besides, our active policyholders figure has also been improved significantly. Overall, the gross premium witnessed a growth of 16 per cent compared to the last financial .

IFFCO, Coromandel International to manufacture Nano DAP for 3 years: Govt

Fertiliser cooperative major IFFCO and Coromandel International Ltd (CIL) will manufacture Nano DAP for a period of three years. A notification in this regard was issued on March 2, Minister of State for Chemicals and Fertilisers Bhagwanth Khuba said in his written reply to the Lok Sabha on Friday. Di Ammonium Phosphate (DAP) is the second most widely consumed fertiliser after urea in the country. The minister further said IFFCO has informed that it is setting up a Nano DAP plant at its Kalol unit, Gujarat with a production capacity of 2 lakh bottles of 500 ml per day. "Nano DAP will be available in the market across the country after commencement of commercial production," he added. On its benefits, the minister shared that preliminary field trials were conducted by IFFCO and CIL on select crops in select institutes of Indian Council of Agricultural Research (ICAR). The report has indicated that with the use of Nano DAP as seed treatment and foliar application, there is a ...

IFFCO, Coromandel International to manufacture Nano DAP for 3 years: Govt

The government on Friday said fertiliser cooperative major IFFCO and state-owned Coal India Ltd (CIL) will manufacture Nano DAP for a period of three years. A notification in this regard was issued on March 2, Minister of State for Chemicals and Fertilisers Bhagwanth Khuba said in his written reply to the Lok Sabha. Di Ammonium Phosphate (DAP) is the second most widely consumed fertiliser after urea in the country. The minister further said IFFCO has informed that it is setting up a Nano DAP plant at its Kalol unit, Gujarat with a production capacity of 2 lakh bottles of 500 ml per day. "Nano DAP will be available in the market across the country after commencement of commercial production," he added. On its benefits, the minister shared that preliminary field trials were conducted by IFFCO and CIL on select crops in select institutes of Indian Council of Agricultural Research (ICAR). The report has indicated that with the use of Nano DAP as seed treatment and foliar application

Growth booster nano-DAP's production may kick off in Paradeep soon

The detailed production plan and other targets are being finalised

Nano-DAP included in Fertilizer Control Order paving way for early release

DAP is the second most consumed fertilizer in the country after urea and out of the estimated annual consumption of around 10-12.5 mn tonnes; local production is around 4-5 mn tonnes, rest is imported

Ministry of Agriculture approves launch of IFFCO's nano DAP fertiliser

Cooperative organisation IFFCO, which introduced nano liquid urea, said on Friday that the government has approved the launch of its nano DAP fertiliser in the market. IFFCO MD U S Awasthi tweeted that IFFCO's nano DAP has been approved by the Ministry of Agriculture and notified in the Fertiliser Control Order (FCO) based on its encouraging results. "IFFCO will manufacture #NanoDAP; a game changer for Indian agriculture & economy," he tweeted. In December, Awasthi had said IFFCO would soon launch nano DAP at Rs 600 per 500 ml bottle, a move that would help India save foreign exchange and reduce government subsidy significantly. He announced that nano DAP will be sold at Rs 600 per bottle of 500 ml. One bottle will be equivalent to one bag of DAP, which currently costs Rs 1,350. IFFCO was also planning to launch nano potash, nano zinc and nano copper fertilisers, he had said. In June 2021, IFFCO launched nano urea in liquid form as an alternative to conventional urea. It has also

Use of nano-urea, DAP game-changers? Manufacturers in 'wait-and-watch' mode

The government claims the use of nano urea and DAP can be game-changers, but many private fertiliser manufacturers remain in wait-and-watch mode

IFFCO to export nano urea to 25 nations, expects 30 cr bottles output: MD

Fertiliser major IFFCO Ltd is eyeing nano urea exports to 25 countries and expecting that output is likely to be 30 crore bottles by December 2024, a top company official said on Tuesday. The company is currently exporting the fertiliser to five countries, he said. "We have already produced six crore bottles of 500 ml each and have sold five crore units to farmers, which is equivalent to 22 lakh tonne of solid urea or conventional urea...We are already exporting to Sri Lanka, Nepal, Kenya, Suriname and Mexico," Indian Farmers Fertiliser Cooperative (IFFCO) Managing Director US Awasthi told PTI in an interview. After Prime Minister Narendra Modi inaugurated the world's first nano urea plant at Kalol in Gujarat last year, the company is exporting the fertiliser product, which has the potential to cut down the use of conventional urea, the most used Nitrogenous fertiliser, by 50 per cent or more, to the five nations, he said. Nano urea samples have been sent to 25 other countries and

Centre's three new national cooperatives signal sector's growing clout

But, critics say the approach in forming should have been bottoms-up instead of top-down

IFFCO to soon launch nano DAP at Rs 600/bottle of 500 ml; sees huge savings

After introducing nano liquid urea, cooperative IFFCO aims to launch nano DAP fertiliser in the market soon at Rs 600 per 500 ml bottle -- a move that will help India save foreign exchange and also reduce government subsidy significantly. IFFCO is also planning to launch nano-potash, nano-zinc and nano-copper fertilisers, its Managing Director U S Awasthi said while addressing an agriculture conference organised by digital media platform Rural Voice. In June 2021, cooperative IFFCO launched nano urea in liquid form as an alternative to conventional urea. It has also set up manufacturing plants to produce nano urea. Awasthi said IFFCO has produced 5 crore bottles of nano urea so far, out of which 4.85 crore bottles have already been sold. He highlighted that the price of nano urea is less than conventional urea and it is also more effective and convenient. There is no government subsidy on nano urea and it is being sold at Rs 240 per bottle. For conventional urea, the government ...

IFFCO scam: Money laundering affects promotes terrorism, says court

Money laundering not only affects the social and economic fabric of the nation but also promotes terrorism, a Delhi court said on Wednesday while dismissing the the bail application of an accused in the alleged IIFCO fertiliser scam where Rs 685 crore was claimed to have been paid as kickbacks. Special Judge Vikas Dhull made the observations while denying relief to Sanjay Jain, who was arrested for allegedly channelling the proceeds of crime from foreign shores to India. The case relates to payment of illegal commissions worth over Rs 685 crore to the NRI sons of Indian Farmers Fertilizer Cooperative Limited (IFFCO) Managing Director and CEO U S Awasthi and Indian Potash Ltd (IPL) Managing Director P S Gahlaut and others by overseas suppliers during 2007-14. This was allegedly done through transactions facilitated by AgustaWestland VVIP choppers deal case accused Rajiv Saxena. The case also involves RJD Rajya Sabha MP Amarendra Dhari Singh, who is currently out on bail. The court .

Govt amends Multi State Cooperative Societies Act to bring in transparency

Credit cooperatives constitute the bulk of the MSCS (610), followed by agriculture-oriented MSCS (244)

Foundation stone for IFFCO's nano area plant to be laid in Bengaluru today

IFFCO said it has planned to set up another eight plants across the country with a capacity of 34 crore bottles (500 ml) per annum

India set to be self-sufficient in urea by 2025 even without help from nano

The commissioning of new plants is expected to bring down import dependency to less than half of current levels