IFFCO holds 51st AGM; Delegates ride high on Nano & Net profits

Unprecedented enthusiasm was visible among delegates during the 51st AGM of IFFCO held at the NCUI headquarters in Delhi on Wednesday. The inauguration of the Nano Urea plant by the Prime Minister and record-breaking profits were reasons for both the IFFCO Board members and its RGBs to feel elated.

Announcing the results of the year 2021-22, IFFCO Chairman and the man in the news, Dileep Sanghani said that IFFCO has grossed a profit of Rs 2598 crores before tax, a record performance in the history of the co-op titan.

Sanghani said the year had been memorable both for IFFCO and for the co-op sector. While IFFCO came up with a revolutionary product in the Nano range of fertilizers, the co-op sector got a separate ministry and the focus of the Modi govt.

“This performance in the tough times of Corona has once again proved the mettle of our MD Dr. U S Awasthi and his team. They remained active throughout the period of the corona to come up with such a startling result, said Sanghani with thunderous applause from the audience. His vision, his commitment, and his leadership are behind this success. Neither did Awasthi rest nor did he allow anyone to rest for the entire Corona period”, added Sanghani.

Their efforts have led us to fulfil the SDG mandate of the United Nations as IFFCO’s Nano range of fertilizers is an answer to environmental imbalances, currently, a major challenge for the entire world underlined the Chairman.

Speaking on this occasion IFFCO MD Dr U S Awasthi said that 28th May will get a place in the books of history not only for the fact that the Prime Minister inaugurated Nano Urea but also for the fact that the world agriculture was enriched by the introduction of a novel piece of an innovation-Nano range of fertilizer.

“The impact of Nano was very well explained by Union Cooperation Minister Amit Shah when he said Nano will take us to a world free of all kinds of pollution. Similarly, the forex which could be saved due to the introduction of Nano was explained lucidly by Prime Minister Narendra Modi”, Awasthi said.

Explaining further the IFFCO MD said that this year’s target of 8 crore bottles will help India save Rs 24000 crore of foreign currency. Imagine by the next year when we would produce 25 crore bottles, this figure will become Rs 75000 crore. Is it a mean achievement? He asked the already elated RGB members.

Extolling the virtues of the co-op model, the MD said it’s a matter of pride that such novel stuff is being created in the co-op sector. He informed that 90% of Nano plants are made of Indian parts.

Awasthi also shared IFFCO’s calendar of commissioning of various Nano plants in different parts of the country. “By 2025 IFFCO will have 10 Nano plants and will be producing Nano DAP, Nano Zinc, Sulphur, copper, etc”, said the MD.

“Yesterday’s board meeting has requested the Chairman to seek the promise of visit both by the Prime Minister and the Home Minister when IFFCO has commissioned all the 10 Nano plants”, stated Dr. Awasthi.

The IFFCO MD also informed that dividends at the rate of 20% per annum have already been kept safe for the next 25 years for the RGB members. “If the govt rule eases, which I think it would, we may even consider raising the dividends further”, added the MD.

Lastly, the IFFCO MD made a call to remove chemicals from the soil of the country. If we want to be really AatmaNirbhar, we have to get rid of chemicals, said Awasthi. He thanked the scientist fraternity for their contributions and assured RGB members of IFFCO’s commitment to them in the future too.