Hyderabad: Insecticides (India) has formed a joint venture with the Japanese firm Otsuka AgriTechno Company to conduct joint research on new products. The JV partners would invest Rs 100 crore in the next three-four years on the research and development centre that is coming up at Bhiwadi (Rajasthan).
“We will be investing Rs 50 crore initially. The remaining investment would be infused in the subsequent years depending on the progress made there. It would have 50 employees initially,” Rajesh Aggarwal, Managing Director of Insecticides (India), told Business Line.
The Japanese firm would hold 70 per cent in the joint venture, with the Indian firm retaining remaining 30 per cent.
“The JV will allow both partners to tap into skilled yet relatively inexpensive technology talent in India to develop new molecules for global markets, including India and Japan,” Rajesh Aggarwal said.
“OAT would bring in its expertise in research and development and know-how. The JV would mainly focus on research and invention of new agricultural chemicals,” he said.
The centre is expected to begin work by the middle of next year. The team would comprise scientists from both India and Japan. We are hoping to come out with about four-five molecules in THE next five years. We will primarily target insecticides and herbicides,” he said.
The Tokyo-based Otsuka AgriTechno manufactures and sells agricultural chemicals and fertilisers.
Success in my Habit
Monday, October 1, 2012
ABLE roadmap to make biotech $100-billion industry by 2025
Bangalore: Association of Biotech Led Enterprises (ABLE), an industry body for Indian biotech sector, has chalked out a plan to make biotech a $100 billion industry by 2025.
“This is achievable if the biotech industry’s operating landscape becomes more innovation friendly spurred by government’s policies and nudge then the industry could possibly grow at 30 per cent CAGR,” ABLE said.
ABLE recently submitted a report ‘Indian Biotechnology: The Roadmap to the Next Decade and Beyond’ to the Union Department of Biotechnology.
Potential
Dr Satya Prakash Dash, former chief operating officer, ABLE, and author of the report, said, “The potential of India to be a global innovation hub especially in biotech exists. But it needs proper support systems which can help deliver scale up innovative products that are affordable and are of high quality.”
“However to scale up and increase the frequency of such innovations from India and make it a top destination for biotech, central government needs to formulate a workable strategy for the future growth of biotech for each of the segments as well as roadmap the evolving areas,” he added.
Over the last decade the biotech sector’s revenues have increased from $500 million in 2003 to $4 billion in 2011, growing at an average rate of 20 per cent year-on year.
“If a favourable business environment is created, the biotech and healthcare sectors combined will be able to grow at much faster pace of 25-30 per cent and have the potential to generate revenues of $100 billion by 2025,” ABLE explained.
ABLE has also asked for an institutional and structural framework to help the sector achieve its potential as a break out nation in biotech innovation.
Enablers
Listing out the enablers, ABLE said the government should create a strong, streamlined and transparent regulatory foundation that fosters innovation. Build infrastructure to build capacity for research and development and facilitate translation and commercialization potential. Facilitate technology access as well as market access for innovative products to achieve scale through public procurement.
Promote biotech entrepreneurship and provide a channel to access risk capital for all stages of biotech product lifecycle. And nucleate and foster networks and triple helix collaborations.
“This is achievable if the biotech industry’s operating landscape becomes more innovation friendly spurred by government’s policies and nudge then the industry could possibly grow at 30 per cent CAGR,” ABLE said.
ABLE recently submitted a report ‘Indian Biotechnology: The Roadmap to the Next Decade and Beyond’ to the Union Department of Biotechnology.
Potential
Dr Satya Prakash Dash, former chief operating officer, ABLE, and author of the report, said, “The potential of India to be a global innovation hub especially in biotech exists. But it needs proper support systems which can help deliver scale up innovative products that are affordable and are of high quality.”
“However to scale up and increase the frequency of such innovations from India and make it a top destination for biotech, central government needs to formulate a workable strategy for the future growth of biotech for each of the segments as well as roadmap the evolving areas,” he added.
Over the last decade the biotech sector’s revenues have increased from $500 million in 2003 to $4 billion in 2011, growing at an average rate of 20 per cent year-on year.
“If a favourable business environment is created, the biotech and healthcare sectors combined will be able to grow at much faster pace of 25-30 per cent and have the potential to generate revenues of $100 billion by 2025,” ABLE explained.
ABLE has also asked for an institutional and structural framework to help the sector achieve its potential as a break out nation in biotech innovation.
Enablers
Listing out the enablers, ABLE said the government should create a strong, streamlined and transparent regulatory foundation that fosters innovation. Build infrastructure to build capacity for research and development and facilitate translation and commercialization potential. Facilitate technology access as well as market access for innovative products to achieve scale through public procurement.
Promote biotech entrepreneurship and provide a channel to access risk capital for all stages of biotech product lifecycle. And nucleate and foster networks and triple helix collaborations.
Foreign players allowed to bid solo for 2G auctions
New Delhi: The government on Friday allowed foreign entities to participate in the upcoming 2G auctions without an Indian partner. However, the players should form a joint venture with the Indian partner.
According to the new guidelines issued on Friday by department of telecommunications (DoT), foreign entities can participate in the auctions directly and obtain a licence.
This will make the upcoming auctions more attractive to certain foreign players such as Telenor, which wanted to bid directly without an Indian partner in the auctions.
The notice inviting applications (NIA) issued on Friday said that companies interested in starting telecom business in India will have to pay Rs 1 crore for unified licence in a service area where they wish to operate. There will be a lock-in period of three years.
The NIA lists out the rules and regulations governing the auction and is considered the only legally binding document regarding the auction.
Potential bidders have until October 19 to submit applications. DoT will publish ownership details of bidders on October 21. By November 6, DoT will have the final list of bidders and a mock auction is expected to start on 7 November.
The actual auction is expected to start on 12 November.
According to the new guidelines issued on Friday by department of telecommunications (DoT), foreign entities can participate in the auctions directly and obtain a licence.
This will make the upcoming auctions more attractive to certain foreign players such as Telenor, which wanted to bid directly without an Indian partner in the auctions.
The notice inviting applications (NIA) issued on Friday said that companies interested in starting telecom business in India will have to pay Rs 1 crore for unified licence in a service area where they wish to operate. There will be a lock-in period of three years.
The NIA lists out the rules and regulations governing the auction and is considered the only legally binding document regarding the auction.
Potential bidders have until October 19 to submit applications. DoT will publish ownership details of bidders on October 21. By November 6, DoT will have the final list of bidders and a mock auction is expected to start on 7 November.
The actual auction is expected to start on 12 November.
India rated fifth best in the world for growing businesses: Grant Thornton Global Dynamism Index
Kolkata: The Grant Thornton Global Dynamism Index indicates that India is the fifth best country in the world for dynamic growing businesses. According to the index, India sits ahead of Indonesia, Nigeria, Turkey, Singapore, Colombia, Russia and only trails Argentina, China., Uruguay and Chile. "The ratings go well beyond basic GDP data," said Vishesh Chandiok, national managing partner, Grant Thornton India LLP.
"Five areas were identified as holding the key drivers to an economy's dynamism - business operating environment, science and technology, labour and human capital, economics and growth and the financing environment. Within these groups, there were 22 key data points that were analyzed," Chandiok added.
Grant Thornton International CEO Ed Nusbaum feels by considering key fundamentals such as the legal and political risks associated with operating in a given economy, the index gives a much truer reflection of how suitable an environment it offers for dynamic businesses.
In fact, more than 400 senior executives from a broad range of countries and industries were interviewed to determine which aspects of these at-tributes they deemed most important for business growth.
This allowed for the weighting of each aspect according to its perceived relevance. Rather than provide a measure of an economy's success during a period of high economic turbulence, this iteration provides a true illustration of the strength of each economy as a place for dynamic businesses to flourish.
"Five areas were identified as holding the key drivers to an economy's dynamism - business operating environment, science and technology, labour and human capital, economics and growth and the financing environment. Within these groups, there were 22 key data points that were analyzed," Chandiok added.
Grant Thornton International CEO Ed Nusbaum feels by considering key fundamentals such as the legal and political risks associated with operating in a given economy, the index gives a much truer reflection of how suitable an environment it offers for dynamic businesses.
In fact, more than 400 senior executives from a broad range of countries and industries were interviewed to determine which aspects of these at-tributes they deemed most important for business growth.
This allowed for the weighting of each aspect according to its perceived relevance. Rather than provide a measure of an economy's success during a period of high economic turbulence, this iteration provides a true illustration of the strength of each economy as a place for dynamic businesses to flourish.
India's GSAT-10 Communication Satellite Launched Successfully
New Delhi: The launch of ISRO's 101st space mission, GSAT-10 satellite, has been a success. At 3400 kg, GSAT-10 is the heaviest Indian satellite that ISRO has built.
After a smooth countdown lasting 11 hours and 30 minutes, the Ariane-5 launch vehicle lifted off right on schedule at the opening of the launch window at 0248 hrs IST today (September 29,2012). After a flight of 30 minutes and 45 seconds, GSAT-10 was injected into an elliptical Geosynchronous Transfer Orbit (GTO), very close to the intended one.
ISRO's Master Control Facility (MCF) took over the command and control of the GSAT-10 immediately after the injection. Preliminary health checks on the various subsystems of the satellite, namely, Power, Thermal, Command, Sensors, Controls, etc., were performed and all the parameters were found satisfactory. Following this, the satellite was oriented towards the Earth and the Sun using the onboard propulsion system. The satellite is in good health.
In the coming five days, orbit raising maneuvers will be performed to place the satellite in the Geostationary Orbit with required inclination with reference to the equator. The satellite will be moved to the Geostationary Orbit (36,000 km above the equator) by using the satellite propulsion system in a three step approach.
After the completion of orbit raising operations, the two solar panels and both the dual gridded antenna reflectors of GSAT-10 will be deployed for further tests and operations. It is planned to experimentally turn on the communication payloads in the second week of October 2012.
After the successful completion of all in-orbit tests, GSAT-10 will be ready for operational use by November 2012. GSAT-10 will be positioned at 83deg East orbital location along with INSAT-4A and GSAT-12. The operational life of GSAT-10 is expected to be 15 years nominal.
GSAT-10 Satellite has 30 Communication Transponders [12 in Ku-band, 12 in C-band and 6 in Extended C-Band]. Besides, it has a Navigation payload "GAGAN" that would provide GPS signals of improved accuracy (of better than 7 meters) to be used by the Airports Authority of India for Civil Aviation requirements. GSAT-10 is the second satellite in INSAT/GSAT constellation with GAGAN payload after GSAT-8, launched in May 2011.
After a smooth countdown lasting 11 hours and 30 minutes, the Ariane-5 launch vehicle lifted off right on schedule at the opening of the launch window at 0248 hrs IST today (September 29,2012). After a flight of 30 minutes and 45 seconds, GSAT-10 was injected into an elliptical Geosynchronous Transfer Orbit (GTO), very close to the intended one.
ISRO's Master Control Facility (MCF) took over the command and control of the GSAT-10 immediately after the injection. Preliminary health checks on the various subsystems of the satellite, namely, Power, Thermal, Command, Sensors, Controls, etc., were performed and all the parameters were found satisfactory. Following this, the satellite was oriented towards the Earth and the Sun using the onboard propulsion system. The satellite is in good health.
In the coming five days, orbit raising maneuvers will be performed to place the satellite in the Geostationary Orbit with required inclination with reference to the equator. The satellite will be moved to the Geostationary Orbit (36,000 km above the equator) by using the satellite propulsion system in a three step approach.
After the completion of orbit raising operations, the two solar panels and both the dual gridded antenna reflectors of GSAT-10 will be deployed for further tests and operations. It is planned to experimentally turn on the communication payloads in the second week of October 2012.
After the successful completion of all in-orbit tests, GSAT-10 will be ready for operational use by November 2012. GSAT-10 will be positioned at 83deg East orbital location along with INSAT-4A and GSAT-12. The operational life of GSAT-10 is expected to be 15 years nominal.
GSAT-10 Satellite has 30 Communication Transponders [12 in Ku-band, 12 in C-band and 6 in Extended C-Band]. Besides, it has a Navigation payload "GAGAN" that would provide GPS signals of improved accuracy (of better than 7 meters) to be used by the Airports Authority of India for Civil Aviation requirements. GSAT-10 is the second satellite in INSAT/GSAT constellation with GAGAN payload after GSAT-8, launched in May 2011.
Friday, September 28, 2012
Tea Trade Association of Cochin to set up trade centre at Rs 100 crore
Kochi: The Tea Trade Association of Cochin has decided to set up a state-of-the-art Tea Trade centre at an estimated cost of Rs 100 crore. This will be funded partly through the Union Commerce Ministry and partly through equity contribution from various stakeholders. The proposal is supported by The Tea Board of India.
It will be set up at 10 acres provided by the Cochin Port Trust. The association's managing committee has approved the feasibility study for establishing the centre and has decided to identify the potential investors among its members.
The Tea centre will aim at consolidation of various activities connected with tea trade under one roof with key focus on centralizing the warehousing operations, which is presently done by 40 independent warehouse operators.
In addition, the tea centre plans to introduce the concept of common processing facilities, which will be used by various stakeholders as an initiative to promote production of value added tea in the domestic market dominated by trading in dust variety of tea for domestic consumption.
According to V Unnikrishnan, outgoing chairman of the association, the centre could lead to enhancement of tea exports from the centre taking advantage of the facilities of Kochi port.
The Cochin Port Trust chairman Paul Antony said Willingdon Island in Kochi port is the main tea auction centre in South India with large number of brokers, buyers, and sellers transacting about 70 million kg of tea every year.
It will be set up at 10 acres provided by the Cochin Port Trust. The association's managing committee has approved the feasibility study for establishing the centre and has decided to identify the potential investors among its members.
The Tea centre will aim at consolidation of various activities connected with tea trade under one roof with key focus on centralizing the warehousing operations, which is presently done by 40 independent warehouse operators.
In addition, the tea centre plans to introduce the concept of common processing facilities, which will be used by various stakeholders as an initiative to promote production of value added tea in the domestic market dominated by trading in dust variety of tea for domestic consumption.
According to V Unnikrishnan, outgoing chairman of the association, the centre could lead to enhancement of tea exports from the centre taking advantage of the facilities of Kochi port.
The Cochin Port Trust chairman Paul Antony said Willingdon Island in Kochi port is the main tea auction centre in South India with large number of brokers, buyers, and sellers transacting about 70 million kg of tea every year.
MyTVS, ABC Bearings joint venture to offer 'one-stop' solution for cars
hmedabad: In what is seen as the equivalent of bigger retail stores possibly ‘edging out’ the neighborhood kirana kiosks, MyTVS, leading multi-brand car service provider from the TVS Group, on Thursday announced to set up about 15 workshops across Gujarat by 2015 to provide one-stop solutions to car owners, post-warranty period.
This may impact the roadside garages, spare part shops and mechanics.
R Srivatchan, President, TVS Automobile Solutions Ltd, said here that these state-of-the-art workshops would provide a “retail experience” to car owners. The after-market industry in this sector isworth Rs 24,000 crore, 50% of which is in the organised sector, he said.
Across India, MyTVS plans to set up nearly 100 such workshops by 2014 whose expected revenues would be around Rs 500 crore per annum, he said.
Srivatchan said that his company has tied up with the promoters of ABC Bearings Ltd, a BSE-listed company in a 70:30 joint venture to set up the first outlet in Vadodara in October. The JV aims to be the
largest multi-brand car service network in Gujarat, providing integrated car service solutions.
Earlier, MyTVS had tied up with the Rajgarhia Group in Kolkata for a similar business. The TVS Group would be expanding this network through such local joint ventures and franchisees, and soon enter the NCR region.
Excluding the cost of land, a workshop would cost Rs two crore each, he said. The JV business would also be entering into annual maintenance contracts (AMCs) with car owners for up to Rs 3,000 per annum.
MyTVS has a brand presence across India through its 24x7 emergency roadside assistance service business. It provides telematics-based vehicle tracking system and immobilizer, car diagnostics, insurance claims management services etc. It currently has 32 own outlets and another 40 franchisee outlets in the four southern states.
The 50-year-old ABC Bearings has three manufacturing facilities in Chennai, Bharuch (Gujarat) and Dehradun, said Sahil Patel, Director.
The 101-year-old, Chennai-based TVS Group had a turnover of $ 6 billion with a workforce of 39,000 in the last fiscal.
TVS Automobile Solutions Ltd (TASL), a subsidiary of TVS & Sons, the holding company, has been in the business of multi-brand car servicing and 24x7 emergency roadside assistance for the last nine years.
This may impact the roadside garages, spare part shops and mechanics.
R Srivatchan, President, TVS Automobile Solutions Ltd, said here that these state-of-the-art workshops would provide a “retail experience” to car owners. The after-market industry in this sector isworth Rs 24,000 crore, 50% of which is in the organised sector, he said.
Across India, MyTVS plans to set up nearly 100 such workshops by 2014 whose expected revenues would be around Rs 500 crore per annum, he said.
Srivatchan said that his company has tied up with the promoters of ABC Bearings Ltd, a BSE-listed company in a 70:30 joint venture to set up the first outlet in Vadodara in October. The JV aims to be the
largest multi-brand car service network in Gujarat, providing integrated car service solutions.
Earlier, MyTVS had tied up with the Rajgarhia Group in Kolkata for a similar business. The TVS Group would be expanding this network through such local joint ventures and franchisees, and soon enter the NCR region.
Excluding the cost of land, a workshop would cost Rs two crore each, he said. The JV business would also be entering into annual maintenance contracts (AMCs) with car owners for up to Rs 3,000 per annum.
MyTVS has a brand presence across India through its 24x7 emergency roadside assistance service business. It provides telematics-based vehicle tracking system and immobilizer, car diagnostics, insurance claims management services etc. It currently has 32 own outlets and another 40 franchisee outlets in the four southern states.
The 50-year-old ABC Bearings has three manufacturing facilities in Chennai, Bharuch (Gujarat) and Dehradun, said Sahil Patel, Director.
The 101-year-old, Chennai-based TVS Group had a turnover of $ 6 billion with a workforce of 39,000 in the last fiscal.
TVS Automobile Solutions Ltd (TASL), a subsidiary of TVS & Sons, the holding company, has been in the business of multi-brand car servicing and 24x7 emergency roadside assistance for the last nine years.
Arvind acquires ops of Debenhams, Next, Nautica
Ahmedabad: Arvind Lifestyle Brands, a subsidiary of the Ahmedabad-based denim major Arvind, has acquired the business operations of British fashion retailers Debenhams, Next and American lifestyle brand Nautica in India from Planet Retail.
"The acquisition signals our entry into the department store segment and also the globally fast-growing apparel speciality retail segment. American sportwear lifestyle brand Nautica makes us the dominant player in the sportswear segment. With this, we have taken a big step towards strengthening our position in the Indian fashion industry,” said Sanjay Lalbhai, chairman and managing director, Arvind.
These acquisitions will accelerate our growth and contribute to our vision of achieving sales of Rs 5,000 crore over the next five years," he said.
Added J Suresh, managing director and chief executive officer of Arvind Lifestyle Brands: “We plan to achieve Rs 500 crore revenues over the next five years from the current Rs 70 crore by investing Rs 150 crore in these three brands."
The company termed the acquisition of Debenhams as significant mainly because it gives Arvind an entry into the luxury department store segment. Arvind plans to increase the current number of Debenhams stores in India from two to eight over the next three years. While through acquisition of Indian businesses of Next, Arvind will enter the fast-growing segment of the apparel specialty retail. It plans to increase the number of Next stores from three to 12 in the next three years.
Commenting on the acquisition, a Next spokesperson said: "We are very positive about the new franchise partnership and we are looking forward to Arvind Brands re-launching the Next brand in India."
The licensing arrangement with Nautica is believed to further strengthen Arvind's position in high potential sportswear segment of the market. The company plans to set up additional 30 Nautica stores in India, taking the total number of free-standing Nautica stores to 41 in three years.
The company's stock on Thursday ended at Rs 78.65, up 0.32 per cent from Wednesday's close, while the benchmark Sensex shed 0.28 per cent to close at 18,579.50 points.
"The acquisition signals our entry into the department store segment and also the globally fast-growing apparel speciality retail segment. American sportwear lifestyle brand Nautica makes us the dominant player in the sportswear segment. With this, we have taken a big step towards strengthening our position in the Indian fashion industry,” said Sanjay Lalbhai, chairman and managing director, Arvind.
These acquisitions will accelerate our growth and contribute to our vision of achieving sales of Rs 5,000 crore over the next five years," he said.
Added J Suresh, managing director and chief executive officer of Arvind Lifestyle Brands: “We plan to achieve Rs 500 crore revenues over the next five years from the current Rs 70 crore by investing Rs 150 crore in these three brands."
The company termed the acquisition of Debenhams as significant mainly because it gives Arvind an entry into the luxury department store segment. Arvind plans to increase the current number of Debenhams stores in India from two to eight over the next three years. While through acquisition of Indian businesses of Next, Arvind will enter the fast-growing segment of the apparel specialty retail. It plans to increase the number of Next stores from three to 12 in the next three years.
Commenting on the acquisition, a Next spokesperson said: "We are very positive about the new franchise partnership and we are looking forward to Arvind Brands re-launching the Next brand in India."
The licensing arrangement with Nautica is believed to further strengthen Arvind's position in high potential sportswear segment of the market. The company plans to set up additional 30 Nautica stores in India, taking the total number of free-standing Nautica stores to 41 in three years.
The company's stock on Thursday ended at Rs 78.65, up 0.32 per cent from Wednesday's close, while the benchmark Sensex shed 0.28 per cent to close at 18,579.50 points.
Tata buys out Croma Oz back-end supplier
Mumbai: Tata Sons-owned electronics and durables retailer Infiniti Retail Ltd on Thursday said it would acquire Woolworths Wholesale (India) Pvt Ltd, the Indian subsidiary of Australian retail chain Woolworths, for A$35 million (Rs 193.5 crore).
Woolworths Wholesale has been a back-end supplier to Infiniti’s Croma retail stores since 2006. Woolworths move to exit the partnership with Infiniti follows its decision to get out of the consumer durable business in Australia and New Zealand.
"Both parties entered into this venture with the intention of merging the wholesale and retail businesses once FDI (foreign direct investment) regulations were relaxed. However, with our decision to exit the consumer electronics specialty store sector in Australia and New Zealand, we have now decided to sell the wholesale business in India to Infiniti," Ramnik Narsey, India chairman, Woolworths Wholesale, said.
Tata Sons invested Rs 220 crore in Infiniti on Wednesday, which will enable the company to buy out Woolworths Wholesale and expand the Croma business, said Ajit Joshi, chief executive officer and managing director of Infiniti Retail.
Tata Sons has invested a total of Rs 700 crore in Infiniti so far. Infiniti did a business of Rs 1,972 crore last year and plans to add 20 stores to its tally of 85 stores.
“We used to go as two separate teams to vendors and suppliers for our front-end and back-end needs. Now we can go as a united entity and common team,” Joshi said.
Woolworths’ Hong Kong office used to source Chinese products for Infiniti. “We have that option to use their services depending on the commercial terms worked out between them and us,” he said.
Infiniti is already buying 70 per cent of its private lable needs from Indian manufactures now compared to similar number of products from China earlier, he added.
Upon completion of the transaction, the activities and employees of Woolworths Wholesale will be merged with those of Infiniti.
Woolworths Wholesale has been a back-end supplier to Infiniti’s Croma retail stores since 2006. Woolworths move to exit the partnership with Infiniti follows its decision to get out of the consumer durable business in Australia and New Zealand.
"Both parties entered into this venture with the intention of merging the wholesale and retail businesses once FDI (foreign direct investment) regulations were relaxed. However, with our decision to exit the consumer electronics specialty store sector in Australia and New Zealand, we have now decided to sell the wholesale business in India to Infiniti," Ramnik Narsey, India chairman, Woolworths Wholesale, said.
Tata Sons invested Rs 220 crore in Infiniti on Wednesday, which will enable the company to buy out Woolworths Wholesale and expand the Croma business, said Ajit Joshi, chief executive officer and managing director of Infiniti Retail.
Tata Sons has invested a total of Rs 700 crore in Infiniti so far. Infiniti did a business of Rs 1,972 crore last year and plans to add 20 stores to its tally of 85 stores.
“We used to go as two separate teams to vendors and suppliers for our front-end and back-end needs. Now we can go as a united entity and common team,” Joshi said.
Woolworths’ Hong Kong office used to source Chinese products for Infiniti. “We have that option to use their services depending on the commercial terms worked out between them and us,” he said.
Infiniti is already buying 70 per cent of its private lable needs from Indian manufactures now compared to similar number of products from China earlier, he added.
Upon completion of the transaction, the activities and employees of Woolworths Wholesale will be merged with those of Infiniti.
Dubai-India trade reaches US$ 20.5 billion in first-half of 2012
New Delhi: The total trade value between India and Dubai has reached US$ 20.5 billion in the first half of 2012, accounting for 13 per cent of Dubai's total foreign trade.
The total value of Dubai’s imports from India reached US$ 9.5 billion during the first six months of 2012. The imports comprise diamonds, jewellery, electronic devices and mineral oil, according to Mr Ahmed Butti Ahmed, Executive Chairman, Ports, Customs and Free Zone, and the Director-General of Dubai Customs.
During the same period the value of exports to, India comprising mainly gold, diamonds, jewellery and copper wires, stood at US$ 5.17 billion. Dubai's re-exports to India stood at US$ 5.98 billion.
The Dubai-India trade relationship is witnessing a significant growth, due to the distinctive ties between the Governments and people of the two countries and the joint economic agreements, as per Mr T Tiju Ahmed, Indian Economic Consul to Dubai.
The total value of Dubai’s imports from India reached US$ 9.5 billion during the first six months of 2012. The imports comprise diamonds, jewellery, electronic devices and mineral oil, according to Mr Ahmed Butti Ahmed, Executive Chairman, Ports, Customs and Free Zone, and the Director-General of Dubai Customs.
During the same period the value of exports to, India comprising mainly gold, diamonds, jewellery and copper wires, stood at US$ 5.17 billion. Dubai's re-exports to India stood at US$ 5.98 billion.
The Dubai-India trade relationship is witnessing a significant growth, due to the distinctive ties between the Governments and people of the two countries and the joint economic agreements, as per Mr T Tiju Ahmed, Indian Economic Consul to Dubai.
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