Amul joins billion-dollar club, a first
The co-operative's 2006-07 revenues stand at $1.04 billion, reports Rathin Das.business Updated: Jun 16, 2007 04:40 IST
Utterly butterly Amul has just become more delicious. It is now the first Indian cooperative to cross the billion-dollar Rubicon.
The Gujarat Co-operative Milk Marketing Federation (GCMMF), the makers of the Amul brand of dairy products, reported on Friday that its 2006-07 revenues stood at Rs 4,277.84 crore or $1.04 billion.
The trillion-dollar Indian economy boasts several billion-dollar enterprises, including Reliance Industries, Bharti, Infosys, TCS, and Wipro. But all these successes stem from private entrepreneurship. Amul, in contrast, is the achievement of the pooled efforts of 26 lakh dairy farmers across 13 districts of Gujarat.
GCMMF chairman Parthibhai Bhatol said: "This is an impressive achievement, considering the ban on exports of skimmed milk powder, which has reduced our export earnings, and the massive losses suffered by the farmers due to floods last year, especially in Surat."
The ‘milkman to the nation’, Dr V Kurien, who set up Amul and ushered in the white revolution, was not available for comment. After a bitter power struggle in the GCMMF, Kurien had to quit as chairman last year.