Pramod Kumar Singh thanks his stars as well as his decision to join IFFCO as a share-holder about 10 years ago. “The cooperative behemoth has given us more in these 10 years than UCF pledged”, he informed Indian Cooperative.
“About 10 years ago UCF joined IFFCO by buying share worth Rs 30 crore. And in last 10 years we have received Rs 60 crore as dividend even while our seed money remains intact”, Pramod said while explaining the arithmetic of this.
Can you tell me about any other way of investment which could fetch us this kind of returns?, he asked.
This profit earned through dividend has helped us fund several projects. We have a large number of godowns for cold storage, ayurvedic- medicine factories and now this sprawling building in the heart of the town, he said.
We are also able to clear off banks’ ODs on time as the govt fund takes time arriving where as the IFFCO dividend is regular and unfailing, he underlined. We cannot delay paying farmers who give us their grains, he added.
Uttrakhand has about 756 PACS and about 58 central cooperative societies. It has also four apex cooperative bodies. IFFCO has played a significant role in their growth and even recently I got Rs 25 thousand per cooperative society from the IFFCO for their basic furnishings. We could give about 25 co-op societies a necessary facelift, Singh informed.