The government's equity in Iffco has been reduced from 70 per cent to 41 per cent.
With the return of Rs 115 crore of government equity, member co-operative societies have now become majority shareholders of Iffco, making it an autonomous body.
This was possible because of an amendment to the multi-state co-operative societies Act, following which Iffco started repaying government equity, in view of the additional share capital contributions made by member co-operative societies.
Iffco Chairman Srinivasa Gowda expressed gratitude to Prime Minister Atal Bihari Vajpayee for providing autonomy to co-operative societies by amending the Act. He also appreciated the efforts made by the agriculture ministry in this regard.