New Delhi, Aug 03: Even after forcing the government to allow fertiliser co-operatives to bid for PSUs in the sector, IFFCO has announced its withdrawal from the race for National Fertliser Ltd, following requests from another co-operative giant KRIBHCO. However, IIFCO's Chairman K Srinivasa Gowda and Managing Director U S Awasthi said the co-operative was still in race for acquiring stake in two other PSUs - Madras Fertilisers (MFL) and Rashtriya Chemicals and Fertilisers (RCF), which the government has put on the block.

The board of director of IFFCO decided to keep out of NFL bidding to enable KRIBHCO to have a fair chance of acquiring the profit making NFL, Awasthi told reporters here.
In return, KRIBHCO has not offered to withdraw from the race for the two fertiliser PSUs.
"There have been no such discussions between the two corporatives and we do not expect any favours," Awasthi said.
With the decision to back out of NFL race, IFFCO, which registered profits of over Rs 550 crore in the last fiscal, would now explore investment possibilities in MFL and RCF. Bureau Report