Dr Awasthi welcomes 2012 as International Year of Cooperatives

NEW DELHI, Jan 1: The IFFCO Managing Director, Dr U S Awasthi, has welcomed the declaration of the 2012 as International Year of Cooperatives by the United Nations.

In his New Year Message, Dr Awasthi said despite steep rise in prices of raw materials and unprecedented rupee depreciation in the year 2011, IFFCO has not passed on the increasing cost of fertilizers to farmers.

Continuing its tradition of winning accolades, the Managing Director said IFFCO won many laurels and awards during 2011 also for its glorious performance.

Following is the text of Dr Awasthi’s New Year Message:

It gives me great pleasure to welcome Year 2012 and wish you all a very happy and prosperous New Year. May the New Year bring plenty of happiness, prosperity and good health to you and your family members. On this occasion, I would like to share with you that the year 2012 has been declared as International Year of Cooperatives by the United Nations and we welcome this declaration.

Friends, with your constant contribution, IFFCO was able to produce about 65 lakh tonne of fertilisers during the financial year 2011-12 (till December 2011) with sales to the tune of 85 lakh tonne of fertilisers. Both the parameters are marginally lower as compared to previous year’s achievements. There has been steep rise in the prices of raw materials, intermediaries and finished fertilisers. Indian rupee has depreciated over 20 per cent against the US dollar since August this year. This has caused severe effect on us. This kind of devaluation has been unprecedented like a ‘bolt from blue’ for the industry. We are trying to mitigate its serious impact on our profit and profitability. However, our Board of Directors decided not to pass on the entire burden of this price rise to the farmers and the farming community even at the cost of profit. I must thank the Board that they have kept the true spirit of IFFCO in mind even under most adverse circumstances.

Continuing its tradition of winning accolades, IFFCO won many laurels and awards during 2011 also for its glorious performance. In the recent edition of Fortune India 500 ranking of Indian Companies, IFFCO re-bagged the 1st position in the Fertiliser and Agro chemical category and 37th position in the overall ranking for the year 2011 across all the sectors in India. What is more encouraging is that IFFCO is the only cooperative society amongst top 50 Indian companies in this ranking.

Besides this, our Kalol, Phulpur, Aonla and Paradeep Units bagged FAI Awards for their excellent performance in various fields. IKSL received ‘Coffey International Award’. ‘Best Jury Award for ICT enabled Agriculture Initiative’ and ‘SKOCH Digital Inclusion Award 2011 ‘for its valuable contributions rendered to the farming society. Our farm forestry arm IFFDC also won ‘The Times of India Social Impact Award’ for its excellent performance in the field of improving for the year 2011 by National Institute of Personal Management and AIMA. All our Associates and Joint Ventures are performing well and New Projects of the Society are on the right track.

The year 2011 was a year of fortunes and challenges. On the one hand, IFFCO made new strides in many areas of its operation while on the other hand, we experienced irreparable losses. First we lost our beloved Chairman, a great visionary, Kisano ke Massiah Shri Surinder Kumar Jakhar, who was a guiding force behind all activities of IFFCO for many years. He will be dearly missed in person and spirit. We also lost Shri N.K Bharadwaj – President & Chairman of Coordinates Committee of IFFCO Employees Union, who was a front line solider of IFFCO’s dedicated work force. We pay our rich tribute to them for the services the rendered to the Society.

I am confident that the Society will achieve even more excellence in all fields in the years to come with dedication, devotion and cooperation of you all. I once again wish you and your family a very happy, prosperous and joyful New Year – 2012.

IFFCO Ranks First in Fertiliser Category of Fortune India 500 List

By Deepak Arora

NEW DELHI, Dec 26: Once again IFFCO has proved that it is a force to reckon with in the Indian corporate sphere. IFFCO, India’s largest fertiliser manufacturer and marketer has been ranked first in the Fertiliser and Agro Chemical category and ranked 37 overall in the recently released India Fortune 500 list for the year 2011.

IFFCOs ranking climbed up to 37 from the last year ranking of 43 and it is the only cooperative society amongst the top 50.

In his comments, Iffco Managing Director, Dr. U.S Awasthi, said “I think it’s a moment of triumph for the 40,000 cooperatives and 5.5 crore farmers that form IFFCO, I am happy to see that a cooperative institution like IFFCO is counted amongst some of the biggest corporates in India. It is a testimony of IFFCOs unique blend of corporate functioning with a cooperative spirit. ”

The rankings were based on many factors, including innovation, people management, use of corporate assets, financial soundness, long-term investment and global competitiveness.

The list of Fortune 500 companies is compiled annually and this is the second list of Fortune 500 companies compiled by the Indian edition of Fortune Magazine. This year’s list features as many as 57 new entities.

IOC tops Fortune India 500 list, RIL at second spot

NEW DELHI: State-run Indian Oil Corporation (IOC) has emerged as the country's biggest company in terms of annual revenue, followed by Mukesh Ambani-led private sector giant Reliance Industries (RIL) at the second place, as per an annual list of Fortune 500 companies in India.

All the 500 firms together recorded a collective turnover of Rs 45,79,911.38 crore in the latest financial year.

IOC was the biggest with annual revenue of Rs 3,23,113.12 crore, followed by RIL with a full-year revenue of Rs 2,72,923.36 crore.

Both IOC and RIL have retained their top-two ranks from the previous year, Fortune India said.

In this year's list, the two are followed by Bharat Petroleum (Rs 1,56,580.12 crore) at the third and State Bank of India (Rs 1,47,843.92 crore) at the fourth place.

Other entities in the list are Hindustan Petroleum (5th rank), Tata Motors (6), Oil & Natural Gas Corp (7), Tata Steel (8), Hindalco Industries (9) and Coal India (10).

There are as many as six state-run companies in the top-ten positions, as against four from the private sector.

The magazine said that the total sales of the country's 500 top corporations have grown by 21.5 per cent from the last year, while their median growth has been even higher at about 25 per cent.

"The good news, however, is that many of the Fortune India 500 companies are now beginning to shape the world's opinion of India for the better. And they may just be doing a better job than their Chinese counterparts," it added.

advertisements