IFFCO and two of the leading South Korean companies LS Mtron Ltd, an agriculture equipment manufacturer, and NH Capital Co. Ltd., leading financial services provider, signed an MoU on Monday.
The signing ceremony took place in IFFCO’s headquarters in Delhi where the South Korean team arrived after attending the Business Forum meeting that took place in the presence of both South Korean President Moon Jae-in and PM Narendra Modi. Tarun Bhargava, IFFCO’s Cooperative Relation officer welcomed the guests in their language which drew applause.
LS Mtron, one of the signatories of the MoU is an agriculture equipment manufacturer with the cutting edge technology. Its acclaimed R&D is constantly at work improving farm technology aimed at reducing the drudgery of farming “It is our desire to bring to Indian farmers the latest technologies and hence this MoU, said Awasthi while talking exclusively to a South Korean media and Indian Cooperative.
“While LS MTRON shall collaborate with IFFCO and NH Capital in the field of agricultural machinery supply, IFFCO shall collaborate with LS MTRON and NH Capital in the field of agricultural machinery sales”, the MoU reads.
Technology and credit facilities are two focus areas of this MoU. NH Capital is the third biggest financial group of South Korea and IFFCO has joined hands with it in order to make credit available to Indian farmers, claimed MD Dr Awasthi.
“NH Capital shall collaborate with IFFCO and LS MTRON in the field of agricultural finance business. The parties shall pursue the expansion of sales with mutual business intention and cooperation and other cooperative matters shall be discussed further in the future”, reads the MoU.
NH Capital specializes in providing and offering installment finance, corporate finance, and other financial products and services. It has presence in several parts of the world including USA, Europe and China, was claimed in the presentation given on the occasion.
The visiting dignitaries led by Mr Byeing Won, Chairman of Korean Co-op Federation and a Director on global ICA Board were touched by the hospitality showered on them by IFFCO. While Yogendra Kumar, Marketing Director signed the MoU on behalf of IFFCO, MD Awasthi and IFFCO’s Director on ICA Board Aditya Yadav were there to welcome the guests.