With wide-ranging business interests and models, India’s biggest processed fertilizer cooperative – IFFCO has expressed its plans to explore business possibilities and opportunities across the organic food market segment and food processing sector. Constantly striving to expand, diversify and mature its business canvas, IFFCO has inked an agreement with the Government of Sikkim with an initial investment of Rs.200 crore, which shall increase to Rs.500 crore gradually.
In this joint venture, IFFCO shall hold the majority stake of 51 percent equity and 49 percent equity shall be held by the Government of Sikkim.
For this venture, the superlative technological expertise and innovative knowledge of Aquagri Processing Private Limited have been leveraged by IFFCO and Aquagri’s 50 percent shareholding has also been acquired for Rs.11 crore for the purpose of creating value additions in the food processing sector.
Reputed for harvesting natural sea plants, with particular emphasis on seaweed cultivation, Aquagri’s innovative solutions, apart from adding values to the industries of animal husbandry, food processing, and agriculture, are also a potential source of ameliorating community living through employment generation.
One of the significant engagements of Aquagri revolves around the development of organic product portfolio by making use of humic substances, bio actives and alternate sources of nutrition.
One of the pivotal products – a biostimulant – SAGARIKA, developed collectively by Aquagri and IFFCO, has been appreciated and valued by the farmers for espousing qualities that enhance crop productivity and is capable of resisting stress.
Capitalizing on this union, IFFCO is all prepared and energized to exhibit a variety of organic and nonchemical based products for crop nutrition. With the vision to enrich the entire northeastern region as a mega organic agricultural zone, Sikkim’s MOU with IFFCO has led the state in being responsible for facilitating the industrial level mass production and packaging of the organic products.
The accessibility and the reach of the products within the length and breadth of the northeastern region shall be taken care of by two IFFCO e-bazar centers in all the RainbowStates as planned by IFFCO.
Dr. U S Awasthi, Managing Director, IFFCO remarks, “Nobel ventures and good ideas which don’t result in profitable enterprises are quickly forgotten, as they are not sustainable. We are looking forward to exploring the organic opportunities across the country.”