In a press conference on Wednesday in Delhi, IFFCO Managing Director Dr U S Awasthi announced a series of conquests, Cooperative giant has achieved this year. Calling 2010-11 as a dream year when most of our unfulfilled dream projects have left the shelf, Dr Awasthi said that for the first time in cooperatives in the country perhaps, IFFCO Group company, ICPL is going public with IPO for its power venture.
Announcing other achievements he recounted $33.5 million tie up for Jordan Phospheric acid project as another feather in the cap of the Group. IFFCO associate has begun phosphate drilling at Boyavar, Peru ; API drills first vertical shale gas well in Argentina; IFFCO’s campaign on soil conservation has met with nationwide success and last but not the least the parent company IFFCO itself has posted highest ever production, sales and profit, a MD announced with a pride.
Briefing newsmen on ICPL going public , Dr Awasthi said ” we were awaiting the forest clearance as all preparatory work for setting up this mega power project has been initiated. In sync with farmers and cooperatives, we shall offer 5-10 percent discount to retail investors, farming community, cooperators and people of Chattisgarh participating in our public offer, subject to approvals by the market regulator”.
Readers may be aware that ICPL is a joint venture between IFFCO and Chattisgarh State Power. A project costing Rs 7544 crore , ICPL will have capacity of 1320 MW thermal power and is slated to commence production by 2015.
Extending full support to Government on cash subsidy on fertilizer to farmers, Dr Awasthi said that we have been pleading for last 6-7 years for change in the policy as the one being followed dated to 1977. Times have changed and we too need to change accordingly.
At the doubt on the success of direct cash subsidy was expressed by some media men in the conference, Dr Awasthi said that he expects media to take it positively and build right kind of vibration so that the cash subsidy becomes a success story in India.