New Delhi, July 10: Buoyed over a whopping jump in profits at Rs 807 crore in 2002-03, fertiliser cooperative Iffco is planning to diversify into other areas including power, cooperative banking, petroleum and natural gas. Disclosing this, Iffco managing director U S Awasthi said "the society is currently engaged in outlining new Corporate Plan -- Vision 2010 with a primary objective to realise the group turnover of Rs 15,000 crore and annual profit of Rs 1,500 crore by the year 2010."

A high level task force has been set up to explore the areas for diversification to achieve the objective for the year 2010, he said.
With the enactment of Multi State Cooperative Societies Act 2002 and subsequent amendment in Iffco's bye-laws, the society has repatriated Rs 115 crore to the government and thus government's stake in Iffco has come down to 41 per cent from 69 per cent.
"As a result, Iffco has become a fully autonomous cooperative institution," Awasthi, who was addressing a press conference on Wednesday announcing the financial performance for the year 2002-03, said. Bureau Report