Fertiliser cooperative IFFCO's turnover jumps to Rs 29,000 crore in FY16

Country's largest fertiliser cooperative IFFCO has posted a 17.40% increase in turnover to Rs 29,000 crore in 2015-16 on account of higher sales of soil nutrients. The cooperative's turnover stood at Rs 24,500 crore in the previous fiscal.

Total fertiliser sales has increased to 130 lakh tonnes including 78.7 lakh tonnes of urea in 2015-16 compared with 111 lakh tonnes in the previous fiscal.

"Despite rise in subsidy arrears due to the government to Rs 8,500 crore in 2015-16, the cooperative's turnover has gone up because of its overall efficient performance," IFFCO's Managing Director U S Awasthi told PTI.

Last year the subsidy arrears of the cooperative was at Rs 7,500 crore. Awasthi also said that IFFCO is keen to support and invest in startups and has set up a Rs 10-crore fund.

"We are very keen to support new ideas and proposals, preferably related to agriculture sector or even if any other sector. And if required the corpus size could also be increased," he said. IFFCO has five fertiliser plants in the country one each at Paradeep in Odisha, Kandla and Kalol in Gujarat, and Phulpur and Aonla in Uttar Pradesh.

It has a combined capacity of 42.42 lakh tonnes of urea and 43.80 lakh tonnes of complex fertilisers. Besides these five plants, the cooperative has a sulphuric acid plant in Jordan with an annual capacity of 4.75 lakh tonnes, while an urea plant in Oman, in partnership with Kribhco, with an annual capacity of 16.5 lakh tonnes.