New Delhi: Fertiliser major IFFCO topped the list of world's premiere 300 cooperatives, according to the World Cooperative Monitor's latest report for 2018.
“The 7th edition of the report titled ‘World Cooperative Monitor 2018’ has named IFFCO as the number one cooperative in the world based on the ratio of turnover over gross domestic product (GDP) per capita.”
The world cooperative monitor is a partnership between the International Cooperative Alliance (ICA) and the European Research Institute on Cooperative and Social Enterprise (Euricse).
IFFCO has retained this position from 2016. The report also ranks IFFCO at the pole position amongst the top 20 cooperatives in the world in the Agriculture and food industries sector (based on the ratio of turnover over gross domestic product (GDP) per capita).
With nearly 36,000 member cooperatives, IFFCO had a turnover of nearly $3 billion for FY 2017-18.
On the findings of the report, IFFCO Managing Director U S Awasthi said, “We are elated that the World Cooperative Monitor has ranked us on the top amongst some of the biggest cooperatives in the world.”
'This achievement was made possible due to the inclusive business model of IFFCO, our transparent and democratic decision making processes, the support of our Board of Directors, cooperators, our employees and moreover the faith of millions of Indian farmers in our organization and in our products and services,” he added.