There is good news for Iffco as Fortune 500 list for the year 2011 has ranked it at 37th position in the recently released India Fortune 500 list for the year 2011.
Iffco is a cooperative giant and is country’s biggest manufacturer and marketer of fertilizer. Its ranking climbed to 37 from the last year ranking of 43 and it claims credit to be the only cooperative society to feature in amongst the top 50.
A satisfied Dr. U.S Awasthi, Managing Director of Iffco told Indiancooperative.com “I think it is a moment of triumph for the 40,000 cooperatives and 5.5 crore farmers that form IFFCO, I am happy to see that a cooperative institution like IFFCO is counted amongst some of the biggest corporates in India. It is a testimony of IFFCOs unique blend of corporate functioning with a cooperative spirit. ”
The rankings were based on many factors, including innovation, people management, use of corporate assets, financial soundness, long-term investment and global competitiveness. The list of Fortune 500 companies is compiled annually and this is the second list of Fortune 500 companies compiled by the Indian edition of Fortune Magazine.
Indiancooperative.com extends its heartiest congratulations to the management of Iffco which has made every cooperator proud of being a cooperator in such hard times.