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Mumbai:
Fertiliser major IFFCO has set up of a new company
– IFFCO Kisan Sanchar Limited (IKSL) - in its bid
to empower rural farmers and strengthen the cooperative
network by using information technology.
The
new subsidiary would use the existing telecom network
to access individual farmers and disseminate its vast
experience and wealth of knowledge in agriculture and
related practices.
"The
first such tie-up is under advanced stage of discussion
in eastern Uttar Pradesh with Airtel," IFFCO said
in a statement.
IFFCO has already set up around 200 interactive kiosks
at its cooperative societies using the existing wire
communication technology. The company would use the
latest technology to educate farmers on all aspects
of agrarian life throughout the year.
Besides,
IFFCO plans to create helplines to address specific
requirement of farmers relating to economic, social
and legal issues of rural life.
"The emerging model will be a win-win situation
for farmers and will become a catalyst in spreading
the huge amount of untapped knowledge," the release
added.
IFFCO,
meanwhile, has sold its 25 per cent equity stake in
Godavari Fertilisers and Chemicals Ltd (GFCL) to the
Murugappa group''s Coromandel Fertilisers (CFL).
The
transaction, at Rs150 per share as per the share purchase
agreement, values the company at Rs120 crore. CFL also
made the statutory open offer to shareholders of GFCL
at the same price and acquired an additional 4.85 per
cent stake. With this, CFL''s holding in GFCL''s Rs32
crore equity stands at 74.92 per cent.
GFCL
was formed as a joint venture company between the state
government and IFFCO in December 1981. Subsequently,
the state government divested its stake in the company
in favour of CFL in July 2003.
The
company, which has been operating as a JV between IFFCO
and CFL, has now transitioned completely into the folds
of CFL with IFFCO getting a good return on their investment
in GFCL, the Murugappa group company said in a statement.
Two
foreign players continue to hold 5 per cent each in
GFCL while the public hold about 15 per cent equity.
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