New Delhi: Leading fertiliser cooperative Indian Farmers Fertiliser Cooperative Limited (IFFCO) has been ranked 37th in a list of India's 500 largest companies compiled by Fortune magazine.

IFFCO has cornered 37th spot in the list of the country's 500 largest companies by market revenue, improving its position from 43rd rank last year, the company said in a statement.

"It has been ranked first in the fertiliser and agro chemicals category," the cooperative said.

IFFCO is the only cooperative among the top 50 Indian companies in the list, it said.

 "I am happy to see that a cooperative institution like IFFCO is counted amongst some of the biggest corporates in India. It is a testimony of IFFCO's unique blend of corporate functioning with a cooperative spirit," IFFCO Managing Director U S Awasthi said.

Distribution of IFFCO's fertilisers is undertaken through 40,000 cooperative societies to 5.5 crore farmers across the country.