Updated By: LatestGKGS Desk
IFFCO signed agreement, 2 South Korean firms for agri-equipment and finance business
IFFCO signed agreement with 2 South Korean firms for agri-equipment and finance business- Details, Highlights, Purpose, Benefits
India's Fertiliser cooperative giant IFFCO (Indian Farmers Fertiliser Cooperative Limited) has signed into the strategic partnership with two leading South Korean firms to explore business opportunities in agri-machinery and farm credit sectors.
The two firms are LS Mtron Ltd, a South Korean agriculture equipment manufacturer and NH Capital co. Ltd., South Korea’s leading financial services provider.
The farm machinery and agriculture credit sector are still too penetrate in India. Over the years, IFFCO has been expanding its footprint beyond chemical fertiliser and was scouting for the partner to venture into farm machinery and agri-credit sectors for a long time.
The entry of established player like IFFCO in these emerging sectors will certainly infuse much-needed competition and freshness in the sector.
Under this strategic partnership, IFFCO together South Korean firms will explore business opportunities involving the supply, sales and distribution of agricultural machinery and finance to fulfil the market demand in India.
