IFFCO forms agrochemicals JV with Mitsubishi Corp
27 August 2015
Indian Farmers Fertiliser Cooperative Limited (IFFCO), the largest producer and marketer of fertilisers in the country, has teamed up with Japan's Mitsubishi Corporation, a global leader in agrochemicals business, to manufacture quality agrochemicals in India.
IFFCO will hold a 51-per cent stake in the joint venture company, IFFCO-MC Crop Science Private Limited, and the remaining will be with Mitsubishi Corporation.
The company was formally launched today at IFFCO's head office in New Delhi.
"The company was formally launched today...The operations of this new JV will start from this rabi season. IFFCO-MC will come up with 20 different products across various product range of agrochemicals," IFFCO said.
U S Awasthi, managing director and CEO of IFFCO, said with this foray into agrochemical business through its new joint venture, IFFCO will enlarge its services to the farming community and agricultural sector as a whole.
B S Nakai, chairman, IFFCO said as a cooperative for the farmers, we were getting continuous demand from farmers across the country to make available good quality insecticides, fungicides and weedicides apart from quality fertilizers, which IFFCO is supplying through cooperative societies.
IFFCO has a strong presence in fertiliser market in the country and Mitsubishi Corporation has expertise in agrochemical business internationally.