Leading fertiliser cooperative IFFCO on Wednesday said it will set up a nano urea liquid manufacturing plant in Argentina in partnership with two agencies -- Instituto Nacional de Asociativismoy Economía Social (INAES) and Cooperative Confederation of Argentina 'Cooperar'.
IFFCO, INAES and Cooperar -- entered into a Memorandum of Understanding (MoU) for the same, it said in a statement.
According to IFFCO, the three will together analyze the feasibility of setting up a nano urea fertiliser manufacturing plant in Argentina with mutual collaboration.
They will also explore the possibility of cooperation in trade and investment in both the countries, in areas of mutual interest, including agrochemicals and agricultural inputs to achieve sustainable development, it said.
Earlier, IFFCO had signed a MoU for the same with the Organization of Brazilian Cooperatives (OCB). On May 31, Indian Farmers Fertilizer Cooperative Ltd (IFFCO) introduced the world's first 'Nano Urea' in liquid form and production of which has commenced from the current month.
The MoU was signed by Cooperar President Ariel Guarco INAES President Alexandre Roig and IFFCO Marketing Director Yogendra Kumar in a virtual meeting in presence of various officials of all groups.
Guarco is also the president of International Cooperative Alliance which is an alliance of around 111 countries across the globe with 320 cooperatives operating in various sectors.
According to IFFCO Managing Director U S Awasthi, IFFCO's nano urea liquid is a sustainable solution for plant nutrition with higher nutrition use efficiency and reduces soil, water and air pollution.
Use of nano urea will have a huge impact on the quality of underground water, a very significant reduction of global warming with a positive impact on climate change and sustainable development, he said.
"This is a special moment for IFFCO as well as Brazilian cooperatives as this will give more strength to the cooperatives in the world," Awasthi said, adding that this innovative product will benefit the farmers of both countries.
The scope of MoU will be offering opportunities to exchange ideas and develop business relationships, to carry out joint research and training activities along with educational visits for better understanding and opportunities.
They will also share best practices, create mutual opportunities, offer visibility, develop professional relationships, build resources for better service delivery, innovation and strengthening of cooperative ties between them and their members, the statement added.