Diversification and Joint Ventures
IFFCO has made strategic investments in several joint ventures. Indian Potash Limited in India, Industries Chimiques du Senegal (ICS) in Senegal and Oman India Fertiliser Company (OMIFCO) in Oman are important fertiliser joint ventures. Indo Egyptian Fertiliser Company (IEFCO) in Egypt, Jordan India Fertiliser Company in Jordan are under implementation. 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. ‘Sankat Haran Bima Yojana’ provides free insurance cover to farmers along with each bag of IFFCO fertiliser purchased. To take the benefits of emerging concepts like agricultural commodity trading, IFFCO has purchased equity in National Commodity and Derivatives Exchange (NCDEX) and National Collateral Management Services Limited (NCMSL). IFFCO Chattisgarh Power Limited (ICPL) which is under implementation is yet another foray to move into core area of power. IFFCO Kisan Sanchar Ltd (IKSL)Telecom initiative for Rural India. IFFCO is developing a multi-product KISAN Special Economic Zone (IKSEZ) at Nellore in Andhra Pradesh - first of its kind with farmer's cooperatives as stakeholders. IFFCO is also behind several other companies with the sole intention of benefiting farmers. The distribution of IFFCO’s fertiliser is undertaken through over 39,800 co-operative societies. The entire activities of Distribution, Sales and Promotion are co-ordinated by Marketing Central Office (MKCO) at New Delhi assisted by the Marketing offices in the field. In addition, essential agro-inputs for crop production are made available to the farmers through a chain of 158 Farmers Service Centre (FSC). IFFCO has promoted several institutions and organisations to work for the welfare of farmers, strengthening cooperative movement, improve Indian agriculture. Indian Farm Forestry Development Cooperative Ltd (IFFDC), Cooperative Rural Development Trust (CORDET), IFFCO Foundation, Kisan Sewa Trust belong to this category. An ambitious project ‘ICT Initiatives for Farmers and Cooperatives’ is launched to promote e-culture in rural India. IFFCO obsessively nurtures its relations with farmers and undertakes a large number of agricultural extension activities for their benefit every year. In February 2010, it was announced that IFFCO had entered into a joint venture partnership with GrowMax Agri Corp, a subsidiary of Americas Petrogas Inc.
Read more about this topic: Indian Farmers Fertiliser Cooperative Limited
Famous quotes containing the words joint and/or ventures:
“What’s a joint of mutton or two in a whole Lent?”
—William Shakespeare (1564–1616)
“If one ventures a word with you, will you be offended? But who can keep from speaking?”
—Bible: Hebrew, Job 4:2.
Eliphaz, one of Job’s “comforters,” to Job.