Moving beyond its core chemical fertiliser area, cooperative fertiliser major IFFCO on Monday announced setting up of a joint venture with the Sikkim Government to enter the organic farming sector.
The fertiliser cooperative will hold 51 per cent equity in the new joint venture — Sikkim IFFCO Organics Limited — where it will make an initial investment of ₹200 crore, a company statement said. The investment will be increased to ₹500 crore subsequently.
IFFCO also announced acquisition of a 50 per cent share in New Delhi-based Aquagri Processing Private limited for a sum of ₹11 crore through its wholly-owned subsidiary IFFCO eBazar Limited.