TOKYO, Aug 27, 2015 - (ACN Newswire) - Mitsubishi Corporation (MC) is pleased to announce that it has entered into an agreement with Indian Farmers Fertiliser Cooperative Limited (IFFCO) based in India to establish a local enterprise for the sale and distribution of agrochemicals in India.
The new company, IFFCO-MC Crop Science Private Limited (IFFCO-MC), will see IFFCO holding 51% of shares and MC holding 49%. IFFCO has built up a highly respected national brand as India's largest producer and distributor of fertilizers, delivering high quality fertilizers needed by farmers through their nationwide Cooperative Society network. IFFCO-MC will be seeking to leverage the strength of the IFFCO brand and its extensive sales network to supply a number of agrochemicals, mainly herbicides, insecticides and fungicides, to the Indian market, starting in October of this year. The establishment of IFFCO-MC as a partnership between IFFCO and MC is the product of years doing business together and developing a positive working relationship.
The size of India's agrochemicals market is valued at some 250 billion yen in 2014 and accounts for about 5% of the global total. As its population increases and as daily food consumption patterns evolve, this volume is expected to continue showing robust growth, and is projected to reach a value of approximately 350 billion yen in fiscal year 2017. Through this newly established venture, which will supply high quality agrochemical products needed by farmers, IFFCO and MC will seek to continue contributing to the development of agriculture in India. Reference Information
Indian Farmers Fertiliser Cooperative Limited (IFFCO)
1. Headquarters: IFFCO Sadan, C-1 District Centre, Saket Place, New Delhi-110017, India
2. Main Business: Manufacture and sale of fertilizers
3. Representative: Dr. U. S. Awasthi (Managing Director)
4. Established: 1967
5. No. of Employees: 5,788 (non-consolidated, as of March 31, 2015)
Mitsubishi Corporation
1. Headquarters: 2-3-1 Marunouchi, Chiyoda-ku, Tokyo, 100-8086 Japan
2. Business Activities:
Mitsubishi Mitsubishi Corporation has seven Business Groups which develop operations in the diverse fields of Global Environmental & Infrastructure; Industrial Finance, Logistics & Development; Energy; Metals; Machinery; Chemicals; and Living Essentials. In addition to these Business Groups, MC has also recently established its Business Service Group. Through these business groups, Mitsubishi Corporation serves customers around the world in virtually every industry.
3. Representative: Ken Kobayashi, President and CEO
4. Established: 1954
5. No. of Employees: 71,994 (consolidated, as of March 31, 2015)
About Mitsubishi Corporation
Mitsubishi Corporation (MC; TSE: 8058) is a global integrated business enterprise that develops and operates businesses across virtually every industry including industrial finance, energy, metals, machinery, chemicals, foods, and environmental business. MC's current activities are expanding far beyond its traditional trading operations as its diverse business ranges from natural resources development to investment in retail business, infrastructure, financial products and manufacturing of industrial goods. With over 200 bases of operations in approximately 80 countries worldwide and a network of over 500 group companies, MC employs a multinational workforce of nearly 60,000 people. For more information, please visit www.mitsubishicorp.com.
Source: Mitsubishi Corporation
Contact:
Mitsubishi Corporation Telephone: +81 3 3210 2171 Facsimile: +81 3 5252 7705
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