In a major development, IFFCO has signed an MoU with the Organization of Brazilian Cooperatives (OCB), the national confederation of co-operatives of the country for setting up a Nano Urea Fertiliser Plant in Brazil with mutual collaboration.
The MoU, which was signed on 8th June encapsulates the terms and conditions mutually agreeable. It bears recalling that the OCB is responsible for establishing policy guidelines for the cooperative system in Brazil.
The hint of the development was given by IFFCO MD Dr U S Awasthi during the 50th AGM when he had said “We are in touch with the co-operatives of the world and soon IFFCO’s Nano range of fertilizers will be travelling abroad ”.
Besides setting up a Nano Urea plant in Brazil, the MoU also says “Both parties intend to share best practices, create mutual opportunities, offer visibility, develop professional relationships, build resources for better service delivery, innovation and strengthening of cooperative ties between them and their members.”
Both parties also intend to implement a practical and effective model of mutual cooperation for knowledge sharing with a view to improving business efficiency, reads the MoU.
The MoU also talks of organizing educational visits; carrying out joint research and training activities; offering opportunities to exchange ideas and develop business relationships and last but not least “Setting up a Nano Urea Fertiliser Plant in Brazil with mutual collaboration”.
The scope of this MOU can be further expanded into mutually acceptable fields / areas of interest with the mutual consent of both parties.
Terms and Conditions also mention that both parties shall promote the cooperative principles and cooperative values in their mutual dealings.
The purpose of this MOU is to express the intentions of the parties. The terms of cooperation for other specific activities as contemplated under this MOU shall be mutually discussed and agreed to in writing by the authorized representatives of both parties, prior to the commencement of each activity.
Most importantly, this MOU shall be governed by and construed in accordance with Indian Laws. Any disputes or differences arising under this MOU, unless the same cannot be resolved amicably between the parties, shall be referred to arbitration in India in accordance with the Arbitration and Conciliation Act 1996. The arbitration proceedings shall be conducted in English and the venue of arbitration shall be New Delhi.
This MOU will remain valid for two years from the date of execution, unless extended by mutual agreement, reads the text of the MoU, a copy of which is with Indian Cooperative.
