IFFCO to enter farm machinery, agriculture credit space; ties up with S Korean cos

New Delhi: Fertiliser cooperative major IFFCO today said it has inked an agreement with two South Korean firms -- LS Mtron and N H Captial -- to explore business opportunities in agri-machinery and farm credit sectors.

The memorandum of understanding (MoU) was signed between IFFCO's Marketing Director Yogendra Kumar and LS Mtron CEO Kim Yeon-soo as well as NH Capital CEO Go Tae-sun.

Speaking on the development, IFFCO Managing Director U S Awasthi said over the years IFFCO has been expanding its footprint beyond chemical fertiliser and was scouting for a partner to venture into farm machinery and agri-credit sectors for a long time.

"After many deliberations IFFCO found a viable partner in LS Mtron and NH Capital Co Ltd... This move would prove to be a game-changer as farm machinery and agriculture credit are still evolving in India," he said in a statement.

The entry of an established player like IFFCO will certainly infuse much-needed competition and freshness in the sector, Awasthi added.

IFFCO along with LS Mtron and NH Capital Co will be exploring business opportunities involving supply, sales and distribution of agri-machineries and finance to fulfil the market demand in India.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.