IFFCO, which is one of the largest scale fertilizer cooperation federation of India, has taken a leap by striking a strategic partnership with two other Asian players. Other than being in fertilizer sector IFFCO works in the insurance and credit sector with the name, IFFCO Tokio. The firm has wide scope from fertiliser industry to the finance. With South Korean delegate visit to India, IFFCO signed an MOU with two of the biggest firms there.
As per sources the two South Korean firms with whom, IFFCO joined hands are LS Mtron Ltd, a South Korean agriculture equipment manufacturer and NH Capital co. Ltd.
Technology and financial availability are the two highlights of this MOU. L S Mtron is a firm which deals with cutting edge technology which will help the Indian farmers to upgrade to their productivity both quantitatively and qualitatively. NH Capital is the third biggest financial group of South Korea and IFFCO has joined hands with it in order to make credit available to Indian farmers, claimed MD Dr Awasthi.
The signing ceremony took place in IFFCO’s headquarters in Delhi where the South Korean team arrived after attending the Business Forum meeting that took place in the presence of both South Korean President Moon Jae-in and PM Narendra Modi. Tarun Bhargava, IFFCO’s Cooperative Relation officer welcomed the guests in their language which drew applause.
“NH Capital shall collaborate with IFFCO and LS MTRON in the field of agricultural finance business. The parties shall pursue the expansion of sales with mutual business intention and cooperation and other cooperative matters shall be discussed further in the future”, reads the MoU.
In a twitter poster, Dr. U S Awasti, MD IFFCO wrote , “#IFFCO, #LSMtron & #NHCapital would explore business opportunities involving supply, sales & distribution of Agricultural Machineries and finance for the #farmers in India. A step in line with the vision of our PM @narendramodi to bolster economic ties amongst India & South Korea.”
The visiting dignitaries led by Mr Byeing Won, Chairman of Korean Co-op Federation and a Director on global ICA Board were touched by the hospitality showered on them by IFFCO. While Yogendra Kumar, Marketing Director signed the MoU on behalf of IFFCO, MD Awasthi and IFFCO’s Director on ICA Board Aditya Yadav were there to welcome the guests.
IFFCO is well known for expanding its scope beyond fertilisers and venturing into credit sectors with its division as IFFCO- Tokio. IFFCO’s expanding footprint beyond chemical fertiliser and scouting for partner to venture into farm machinery and agri-credit sectors is accoladed by the industry and the farmers.