Beating likes of IBM India and Air India- IFFCO, the largest cooperative conglomerate in the country has managed to stay within the first 10 companies of Business India listing of 1000 unlisted companies in the year 2014. Vodafone and Bharat Sanchar Nigam are ahead of IFFCO in the list, though it has edged giants like Tata Teleservices and LG Electronics out in the corporate race.
A proud Managing Director of IFFCO Dr U S Awasthi shared the good news of being at 9th position by tweeting to his followers who are growing in number with each passing day.
@drusawasthi) tweeted “ #IFFCO has retained its Top10 position in the @bsindia 1000 listing of #Unlisted Companies #FY14. #IFFCO ranked 9th.”
The prestigious financial daily Business Standard prepares list of 1000 listed as well as unlisted companies and accord them ranks depending on their performance every year. In the list of unlisted companies this year IFFCO is the lone cooperative to be among the first rankers.
The daily debates if the private companies that are closely held by a few promoters perform better than publicly-owned, listed companies. This debate has been on for a long time, because of the perception that in a listed company, promoters have to share the gains with a large number of minority shareholders, while in an unlisted company, they can keep the entire fruits of their labour.
But given the performance of these unlisted companies Business Standard call them Indian Inc’s invisible champions. They have grown faster last year, reports the daily.