IFFCO Managing Director U S Awasthi set to retire on July 31

New Delhi, Jul 29 (PTI) Indian Farmers' Fertiliser Cooperative Ltd (IFFCO) Managing Director U S Awasthi will retire on July 31 after serving the cooperative for over three decades.

In a board meeting on Tuesday in the national capital, Awasthi thanked board members for giving him the opportunity to serve the cooperative for such a long period, sources said, adding that a new MD will be appointed soon.

Awasthi, who took over the reins of IFFCO in 1993 as the chief executive officer, kickstarted IFFCO's transformation into a world renowned professionally managed, cooperative conglomerate.

An authority in the global chemical fertiliser sector, Awasthi has nearly five decades of experience and has been instrumental in making IFFCO a global leader in fertiliser production.

Under his tenure, IFFCO's production capacity increased 292 per cent and reached 75.86 lakh tonne per annum, while its net worth rose 688 per cent to Rs 6,510 crore and turnover increased multifold to Rs 20,846 crore in just 20 years (1992-93 to 2013-14).

Under his leadership, IFFCO diversified into multiple lines of business and made several national and international investments. PTI LUX MJH TRB