IFFCO forays into food processing, forms JV with Spainish firm
Fertiliser major IFFCO has entered into joint venture with Congelados De Navarra to set up food processing plant at Ludhiana in Punjab with an investment of Rs 325 crore. With this joint venture, co-operative IFFCO for first time will foray into food processing sector. Congelados De Navarra company based in Spain is pioneer in quick frozen (IQF) technology. It is into processing of vegetables, fruits, herbs and ready-made pre-cooked dishes.
Key Facts
In the JV, IFFCO will have 30% stake while Congelados De Navarra will have the remaining 70% stake. This company will invest about Rs 325 crore to set up greenfield food processing unit. The proposed plant will source produce like potatoes, peas and cauliflower from farmers and then process them for sale in domestic and exports market.
IFFCO’s foray into food processing business will benefit of farmers. It will also contribute in the government’s goal to double farmers income by 2022, he added. This new facility food processing facility will also generate 400 direct and 5,000 indirect local jobs in Punjab.
Indian Farmers Fertiliser Cooperative Limited (IFFCO)
IFFCO is large scale fertiliser cooperative federation in India which is registered as Multistate Cooperative Society. It is one of India’s biggest cooperative society which is wholly owned by Indian Cooperatives. It was founded in 1967 with just 57 cooperatives and at present it has amalgamation of over 36,000 Indian Cooperatives with diversified business interests ranging from General Insurance to Rural Telecom apart from its core business of manufacturing and selling fertilisers. It is headquartered in New Delhi.
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Month: Current Affairs - August, 2018