NEW DELHI: Fertiliser major IFFCO on Thursday said it has been ranked number one cooperative among the top 300 cooperatives in the world.
The ranking is based on the ratio of turnover over the gross domestic product (GDP) per capita, Indian Farmers Fertiliser Cooperative Limited (IFFCO) said in a statement.
The ranking is as per the 2021 edition of the 10th Annual World Cooperative Monitor (WCM) report published by the International Cooperative Alliance (ICA).
IFFCO has also inched up to 60th position in overall turnover ranking from 65th in the last financial year.
US Awasthi, MD, IFFCO, said: "At IFFCO, we are always committed towards the mission of doubling farmers' income, ensuring wholesome growth of farmers across the nation strengthening the cooperative movement".
"We believe in innovation as it is the key to success that is why we are introducing nanotechnology-based solutions for agriculture, especially alternative fertilisers, beginning with IFFCO Nano Urea Liquid," he noted.
Stating that IFFCO Nano Urea liquid has been well received by Indian farmers, Awasthi said the cooperative will be soon launching IFFCO Nano DAP and other nanotechnology-based products.
ICA and European Research Institute on Cooperative and Social Enterprises (Euricse) launched the 2021 edition of the World Cooperative Monitor during an international webinar.
The report explores the economic and social impact of the largest cooperatives worldwide, providing a ranking of the top 300, sector rankings and an analysis of responses to the current global challenges - COVID and climate change.