Chalks up Rs 10,000-cr investment plans
Coimbatore, Sept. 21
The cooperative sector fertiliser major, Indian Farmers' Fertiliser Cooperative Ltd (IFFCO), set on implementing its 2010 vision with proposals to enhance its fertiliser production capacities, diversification into general insurance and power production, has chalked up investment plans to the tune of Rs 10,000 crore, according to Mr D.K. Bhatt, IFFCO's Marketing Director.
Talking to newspersons at TNAU where his company had put up an NCDEX price display board, he said IFFCO's Egyptian joint venture with El Nasar Mining Company, Indo-Egyptian Fertiliser Company launched last year, would start operating over the next three years.
It would supply phosphoric acid, the raw material for IFFCO's DAP production in its Kandla plant in India.
Its joint venture insurance business with IFFCO-Tokio, started four years ago, could sell about 8.5 lakh policies with a premium earning of Rs 800 crore.
IFFCO will be in a position to increase its fertiliser production by at least one million tonnes more during the current financial year.
"We'll be doing around 7 million tonnes this year as compared to 6.4 million tonnes during 2005-06," he said.
In the event of the Centre removing the cap on stated production capacity for the fertiliser units by exempting them from sharing their extra gains (from the producers' extra output), IFFCO would produce more urea this year, he added.