Fertiliser cooperative major IFFCO has said that 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.