IFFCO Boosts Rural Insurance Coverage

New Delhi, Jun 6 (PTI) Fertiliser major IFFCO's MD US Awasthi on Friday met Union Cooperation Minister Amit Shah to apprise him about the financial performance of the organisation in the last fiscal and discuss strategies to boost insurance coverage in rural areas by utilising a vast network of cooperatives.

In a social media post on X, Awasthi said, "During the meeting, I had the opportunity to brief and update the Hon'ble Minister on the overall performance of IFFCO for the Financial Year 2024-25, a strong testament to the vision of Sahakar Se Samriddhi under his able & dynamic guidance".

He also apprised the minister of the progress at the Seed Research and Development Facility at IFFCO's Kalol Unit in Gujarat.

"Furthermore, we had a meaningful discussion on strategies to enhance awareness and increase the market share of insurance in rural areas by leveraging India's vast and robust cooperative network, a step that will significantly contribute to strengthening the rural economy and empowering cooperatives," Awasthi said.

Recently, IFFCO reported a 16 per cent increase in net profit to Rs 2,823 crore in the 2024-25 fiscal on higher revenue.

It had posted a net profit of Rs 2,443 crore in the preceding year.

IFFCO posted a 4.5 per cent growth in its total turnover at Rs 41,244 crore in 2024-25 compared to Rs 39,474 crore in the preceding fiscal.