IFFCO signed a MoU with Government of Sikkim on Monday with an aim to explore business opportunities in organic value chain. In the new company named SIKKIM-IFFCO, IFFCO will hold majority stake of 51% equity and the Govt of Sikkim will hold 49%.
Earlier in April this year, IFFCO MD Dr US Awasthi had during his Farmers Connect Campaign in Gangtok said IFFCO is set to enter the world of organic fertilizer in a big way by resolving to form a new joint venture with the Government of Sikkim. It was fulfillment of the promise he made to the state, said sources from IFFCO.
Interacting with assembled farmers and cooperators in Gangtok last April on the occasion of Golden Jubilee Awasthi had said, We have always promoted the balanced use of fertilizers. Sikkim is a fully organic state so its a good platform for organic fertilizers and plant growth promoters.