Mitsubishi Corporation, IFFCO collaborate to sell agrochemicals in India

Mitsubishi Corporation (MC) recently announced that it has entered into an agreement with Indian Farmers Fertiliser Cooperative Limited (IFFCO) based in India to establish a local enterprise for the sale and distribution of agrochemicals in India.

The new company, IFFCO-MC Crop Science Private Limited (IFFCO-MC), will see IFFCO holding 51% of shares and MC holding 49%. IFFCO has built up a highly respected national brand as India's largest producer and distributor of fertilizers, delivering high quality fertilizers needed by farmers through their nationwide Cooperative Society network. IFFCO-MC will be seeking to leverage the strength of the IFFCO brand and its extensive sales network to supply a number of agrochemicals, mainly herbicides, insecticides and fungicides, to the Indian market, starting in October of this year. The establishment of IFFCO-MC as a partnership between IFFCO and MC is the product of years doing business together and developing a positive working relationship.

The size of India's agrochemicals market is valued at some 250 billion yen in 2014 and accounts for about 5% of the global total. As its population increases and as daily food consumption patterns evolve, this volume is expected to continue showing robust growth, and is projected to reach a value of approximately 350 billion yen in fiscal year 2017. Through this newly established venture, which will supply high quality agrochemical products needed by farmers, IFFCO and MC will seek to continue contributing to the development of agriculture in India.