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Agriculture and co-operative development focus of 39th AGM of Kribhco
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Wednesday, 04 September, 2019, 15 : 00 PM [IST]
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Our Bureau, New Delhi
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The Krishak Bharati Cooperative Limited (Kribhco), the premier fertiliser, seeds and bio-fertiliser-producing farmers’ cooperative society will be holding its 39th annual general meeting (AGM) in New Delhi on September 5, 2019. It will focus on agriculture and co-operative development.
“About 600 members and directors of Kribhco are expected to attend the AGM with focus on strengthening agriculture developmenbt and co-operative system, to enhance the urea installed capacity and increase its market share, to diverisfy into other core sectors like power, port, infrastructure and rural retail and to transfer technology for modern farming and improving farmers’ livelihoods,” said Chandra Pal Singh Yadav, chairman, Kribhco, in a statement.
“The major highlight of the 39th AGM will be an agri exposition where latest farming technolgies will be dispalyed, farmers meeting and riral development. The farmers’ meet will help educate and train farmers provide free testing facilities for soil nutrients and irrigation water,” he added.
“Kribhco despite facing procedural challenges, including introduction of Goods and Services Tax (GST), changes in the disbursement of subsidy on fertilisers by government and difficulties in generating Direct Benefit Transfer (DBT) due to systemic changes the society has poster pre-tax profit of Rs 162.56 crore during the year 2018-19, and declared a dividend of 18 per cent on the paid-up share capital,” said N Samasiva Rao, managing director, Kribhco.
He added, “Kribhco, during the year 2017-18, sold 44.03 lakh metric tonne of urea. This included output from joint venture plants at Oman and Shahjehanpur in Uttar Pradesh. It also produced 3.69 lakh quintal and sold 3.55 lakh quintal of certified seeds of various crops.”
“This included about about 99,000 packets of BT Cotton seeds and other products, 4,097 quintal of maize and 203 quintal of hybrid paddy. It also sold compost, solid and liquid bio-fertilisers,” Rao said.
“Kribhco has completed all completed all environment formalities for setting up of a DAP/NPK fertiliser plant near Krishnapatnam in Andhra Pradesh. The project is being set up in partnership with OCP of Morocco,” he added.
KRIBHCO and OCP issued an invitation bid for the selection of engineering process contractor but found bids received too high. Soon, a further decision will be taken on the project,” said Rao.
“At present, Kribhco has one urea plant in Hazira in Gujarat, having an annual capacity of 2.2 million tonne. Besides, the cooperative has one plant in Shahjahanpur in Uttar Pradesh, where the Shyam Group has exit the partnership having a capacity of one million tonne, and one plant in Oman in partnership with IFFCO,” he added.
“Kribhco apart from chemical fertilisers should also focus on eco-friendly, bio- and organic fertilisers, as demand for these products is on constant increase,” he added.
Kribhco, since its commercial operations from 1986-87, has been consistently earning profit and paying dividend to its equity holders - member societies and the Government of India.
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