Though three years behind the Golden Jubilee schedule, it has reasons to rejoice. It was pronounced the largest global cooperative in agriculture and food industry recently by the World body comprising of ICA and European Research Institute.
An effusive Managing Director Dr U S Awasthi tweeted on this occasion “ #IFFCO had completed 47 glorious year. we thank all employees, cooperatives and farmers for their support. Pledge to continue serving farmers.”
During the 1960s the cooperative sector in India was largely responsible for the distribution of the fertilizers. This sector had adequate infrastructure to distribute fertilizers but had no production facilities of its own and hence was dependent on public/private sectors for supplies.
To overcome this difficulty and to bridge the demand supply gap in the country, a new cooperative society was conceived to specifically cater to the needs of farmers. It was a unique venture in which the farmers of the country through their own cooperative societies created this new institution to safeguard their interests.
The number of cooperative societies associated with IFFCO has risen from 57 in 1967 to more than 39,800 at present. IFFCO was registered as a Multi-unit Co-operative Society in the beginning but on the enactment of the Multi-state Cooperative Societies Act 1984 & 2002, the Society is deemed to be registered as a Multi-state Cooperative Society.
Initially, IFFCO commissioned ammonia-urea complex at Kalol and the NPK/DAP plant at Kandla both in the state of Gujarat in 1975. Another ammonia- urea complex was set up at Phulpur in the state of Uttar Pradesh in 1981. The ammonia – urea unit at Aonla was commissioned in 1988. Recently, IFFCO has acquired an NPK/DAP and Phosphoric acid fertiliser unit at Paradeep in Orissa in September 2005. The marketing of IFFCO’s products is channeled through cooperative societies and institutional agencies acroos the country.
IFFCO has made strategic investments in several joint ventures panning across several countries. It has its presence in Senegal, Oman, Egypt, Jordan and recently in Canada.
As part of strategic diversification, IFFCO has entered into several key sectors. IFFCO-Tokio General Insurance Ltd (ITGI) is a foray into general insurance sector. Through ITGI, IFFCO has formulated new services of benefit to farmers. IFFCO has purchased equity in National Commodity and Derivative Exchange (NCDEX) and National Collateral Management Services Limited (NCMSL).
In response to Dr Awasthi tweet several “iffcowals” as they love to call themselves responded “ Sir we are already celebrating Iffco Diwas today”.