IFFCO charts out corporate plan, aims at Rs 1,500cr profit

Indian Farmers Fertiliser Cooperative Limited (IFFCO) has charted out a ambitious corporate plan aiming at a group turnover of Rs 15,000 cro...

Indian Farmers Fertiliser Cooperative Limited (IFFCO) has charted out a ambitious corporate plan aiming at a group turnover of Rs 15,000 crore and an annual profit of Rs 1,500 crore by the year 2010. A task force which has been assigned the responsibility of drawing framework covering various options including diversification, acquisitions and mergers. The major diversifications activities of the programme include power, bio-fuels, petroleum, natural gas, cooperative banking.

Disclosing this a press conference IFFCO MD, U.S. Awasthi said, ‘‘ The society is currently engaged in outlining new corporate plan — Vision 2010 with a primary objective to realise the group turnover of Rs 15,000 crore and annual profit of Rs 1,500 crore by the year 2010.’’

With the commencement of Oman India fertiliser Company formed in collaboration with Kribhco and Omna Oil Company and completion of Iffco- Tokio General Insurance operation and ICS expansion project most of the milestones under Mission-2005 have been achieved and the new corporate plan-2010 will be the society’s new venture, Awashti said.

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Enactment of Multi-State Cooperative Societies Act 2002 and subsequent amendment in IFFCO’s bye-laws, the society has repatriated Rs 115 crore to the government and thus government’s stake in IFFCO has come down to 41 per cent from 69 per cent. As a result, IFFCO has become a fully autonomous cooperative institution, he said.

During the 2002-03, IFFCO attained a record turnover of Rs 6,091 crore registering a growth of 20 per cent over Rs 5,094 crore turnover achieved in the preceding year. During the year, the society posted a net profit of Rs 571 crore as against Rs 308 crore in last year’s registering a growth of 81 per cent. The gross profit of the fertiliser major stood at Rs 807 crore during the same period as against Rs 371 crore in 2001-02.

Net worth of IFFCO stood at Rs 3273.51 crore as on March 31, 2003.