IFFCO, which has more than 36,000 member cooperatives, has a group turnover of nearly USD 7 billion.
The ranking is as per the 2020 edition of the 9th Annual World Cooperative Monitor (WCM) report published by International Cooperative Alliance (ICA).
The ICA and the European Research Institute on Cooperative and Social Enterprises (Euricse) launched this report on Thursday during an international webinar. Two primary rankings are presented, the first based on turnover in USD and the second based on turnover over GDP per capita.
''The Indian Farmers Fertiliser Cooperative Limited (IFFCO) is Number 1 Cooperative among top 300 cooperatives in the world. The ranking is based on the ratio of turnover over gross domestic product (GDP) per capita,'' IFFCO said in a statement.
IFFCO has also climbed to the 65th position in overall turnover ranking from the 125th place in the last financial year.
The World Co-operative Monitor report explores the economic and social impact of the largest cooperatives and mutual worldwide, providing a ranking of the top 300, sector rankings, and an analysis of responses to the current global challenges: COVID and climate change.
''It is a proud moment for IFFCO and cooperative as well. A great achievement for all of us in Indian cooperative movement. At IFFCO, we are always committed to the growth of farmers across the country and strengthening the Indian cooperative movement,'' IFFCO's MD U S Awasthi said.
The World Cooperative Monitor is a project designed to collect robust economic, organisational, and social data about cooperatives worldwide.
The ICA represents more than 315 cooperative federations and organisations across 110 countries.