NEW DELHI: Fertiliser major IFFCO on Thursday reduced the price of its complex fertilisers, including DAP, by Rs 50 per bag as part of efforts to bring down farmers' input cost.
The rate cut will be applicable from August 15. "On the occasion of 73rd Independence Day, IFFCO has further reduced the rates by Rs 50/bag of its all complex fertilisers for the benefit of farmers and reducing their input agriculture cost," the cooperative said in a statement.
The price of DAP (di-ammonium phosphate) has been reduced to Rs 1,250 per bag (of 50 kg) from Rs 1,300 earlier.
Similarly, the rate of NPK 1 has come down to Rs 1,200 from Rs 1,250 per bag, while NPK 2 rate will now be Rs 1,210 from Rs 1,260 per bag. The rate of NP has been slashed to Rs 950 per bag from Rs 1,000.
NPK stands for "nitrogen, phosphorus and potassium", the three nutrients that compose complete fertilisers.
IFFCO managing director US Awasthi said the cooperative is continuously working for the growth and benefit of farmers to fulfil the Prime Minister's goal of doubling farmers' income by 2022.
The cooperative provides its services to more than 5 crore farmers with more than 35,000 cooperative societies across the country.
IFFCO is one of the biggest processed fertiliser cooperatives in the world with a turnover of Rs 27,852 crore in 2018-19 fiscal year. It has five manufacturing plants and produced 81.49 lakh tonne fertilisers.
Besides fertilisers, IFFCO has diversified into sectors like general insurance, rural mobile telephony, oil and gas and international trading, food processing, organics, amongst others.