The elections for the Chairman and other board of directors happen every five years and the representative general body of member cooperative societies elects the board of directors, which in turn elect the Chairman and the Vice- Chairman.
Nakai was elected by the board of during cooperative's 42nd annual general body meeting that was held at its head office in New Delhi, IFFCO said in a statement.
He is a farmer and cooperator from Punjab and currently the Chairman of Malwa Fruit and Vegetable Cooperative Marketing-cum-Procurement Society Limited.
IFFCO is the largest manufacturer and marketer of processed fertilisers in India and the biggest fertiliser cooperative in the world.