IFFCO offers Diwali gifts to farmers; reduces rate of NP fertilizer
−− Despite rise in input cost, IFFCO stands by farmers: MD
Nov. 12, 2020
Offering Diwali gift to the farmers of the country, the largest fertilizer cooperative in the world IFFCO has announced reduction in the maximum retail price of NP fertilizer by Rs 50 per bag. The new rate cut is applicable with immediate effect across India, informs its MD Dr U S Awasthi.
The new revised prices of NP fertilizer are Rs 925 per bag. This reduction in NP fertiliser, which contains nitrogen and superphosphate, is in line with the declining agricultural input cost to farmers and the Prime Minister’s plan of doubling the farmers’ income by 2022.
Announcing the good news on Wednesday through social media, IFFCO MD wrote on twitter, “We are glad to announce the reduction of Rs 50/bag in the price of #NP 20:20:0:13 Fertilisers across India with immediate effect on all stocks. It’s reduced by Rs 1000/Tonn as support to farmers on #Sulphur, a key input nutrient for soil.”
Despite huge spike in the cost of raw materials like phosphoric acid & others in the international market, IFFCO’s commitment for farmers’ service will remain intact. IFFCO contributes to around 32.1% of Phosphatic and 21.3% of Nitrogenous fertilisers produced in India, says the MD.
It may not be out of place to mention here that IFFCO is a leading player in the fertiliser market in the country and it provides its services to more than 5 crore farmers with more than 36k cooperative societies across the country from Leh-Ladakh to the backwaters of Kerala and from Kutch to Arunachal Pradesh.
Fertilizer experts say that being the leader in the sector, what IFFCO does has wide-spread ramifications. It ultimately forces other players to reduce rates, they opine.
It is not the first time that IFFCO has given relief to the farmers across the country. From time to time, the cooperative organization has slashed the price of Urea and non-urea fertilisers for the benefit of the farmers.
Last year IFFCO reduced the retail price of DAP by about 7.1 percent, or Rs 100 per 50 Kg bag and on the occasion of 73rd Independence Day, it reduced the rates of its complex fertilisers by Rs 50 per bag for farmers’ benefits.
It is also one of the biggest processed fertiliser cooperatives in the world. Despite the difficult & random market and weather conditions, the fertilizer cooperative also posted the highest ever sales of fertilizers for 133 lakh tonnes. IFFCO’s group turnover in FY 19-20 stood at Rs. 57,778 Crores which was Rs. 50,908 in 2018-19
IFFCO has 5 manufacturing plants in India & largest and leading fertiliser player of the country. IFFCO is also diversified into general insurance, rural telecom, rural retail, Agro Chemicals, food processing & Organics.
More from AgroNews
Subscribe to daily email alerts of AgroNews.