Fertiliser firm IFFCO sets up Rs 10-crore fund to invest in start-ups

IFFCO, country's largest fertiliser firm, is looking to invest in start-ups and has set up a Rs 10-crore fund to support new ideas and proposals, preferably related to agriculture sector.

"We have created a fund of Rs 10 crore to finance new ideas and start-ups. It would be great if ideas are related to farmers but we are open for all type of proposals," IFFCO Managing Director U S Awasthi told PTI. If required they can consider increasing the corpus size, he added.

"...money could be increased...what we need is good and feasible ideas or concepts for start-ups which can deliver," Awasthi said. Indian Farmers Fertiliser Cooperative Limited (IFFCO) has invited ideas from all its employees and other co-operatives on new businesses and start-ups.

Meanwhile, the government will also launch the action plan of 'Start-up India, Stand-up India' aimed at boosting entrepreneurship among the masses on January 16.

The programme is aimed at promoting bank financing for start-up ventures and offer incentives to boost entrepreneurship and job creation. IFFCO has five manufacturing plants in India and three overseas. It has an annual urea capacity of 4.2 million tonnes and 4.6 tonnes of complex fertilisers (NPK).

IFFCO has presence in the insurance segment with Japan's Tokyo General Insurance. Last year in October, it had formed a agro-chemical joint venture (JV) IFFCO-MC with Japanese firm Mitsubishi Corp. The JV is aiming to achieve Rs 130 crore turnover by March 2017.