Agri-machinery Sector Current Affairs
Fertiliser cooperative major IFFCO (Indian Farmers Fertiliser Cooperative Limited) has entered into strategic partnership with two leading South Korean firms to explore business opportunities in agri-machinery and farm credit sectors. These two firms are LS Mtron Ltd, a South Korean agriculture equipment manufacturer and NH Capital co. Ltd., South Korea’s leading financial services provider.
The farm machinery and agriculture credit sector are still evolving in India. Over the years, IFFCO has been expanding its footprint beyond chemical fertiliser and was scouting for partner to venture into farm machinery and agri-credit sectors for long time. The entry of established player like IFFCO in these emerging sectors will certainly infuse much-needed competition and freshness in the sector. Under this strategic partnership, IFFCO together South Korean firms will explore business opportunities involving supply, sales and distribution of agricultural machinery and finance to fulfil the market demand in India.
Indian Farmers Fertiliser Cooperative Limited (IFFCO)
IFFCO is large scale fertiliser cooperative federation in India which is registered as Multistate Cooperative Society. It is one of India’s biggest cooperative society which is wholly owned by Indian Cooperatives. It was founded in 1967 with just 57 cooperatives and at present it has amalgamation of over 36,000 Indian Cooperatives with diversified business interests ranging from General Insurance to Rural Telecom apart from its core business of manufacturing and selling fertilisers. It is headquartered in New Delhi.