The company is aiming to create global Indian brands in the years to come
Kolkata: Diversified conglomerate ITC is aiming to clock in a turnover of Rs 1 lakh crore from its brands in the new fast-moving consumer goods (FMCG) businesses by 2025.
“It is within the realm of possibility that your company can achieve a turnover of over Rs 1 lakh crore from its brands in the new FMCG businesses by 2025/30,” Chairman Y C Deveshwar, said addressing shareholders at the company’s annual general meeting.
The company is aiming to create global Indian brands in the years to come. Its new FMCG businesses have gained traction with the top line having exceeded Rs 7,000 crore in the year gone by, Deveshwar said. The non-cigarette FMCG business will break-even this year and will hopefully be profitable from next year.
ALSO READ: Tobacco, agri businesses push ITC net up 18%
There were, however, problems in the growth path, as Deveshwar pointed out the company has still not been able to invest the Rs 26,000 crore it had outlined three years back. The main stumbling block happened to be land.
“We have invested Rs 2,000 crore in FY13 and should invest about Rs 6,000-7,000 crore this year,” Deveshwar told reporters later in the day.
All the projects of ITC have got delayed primarily due to delay in possession of land. “First, getting land is a problem and then once you get it, conversion for manufacturing is another issue,” he said.
ALSO READ: ITC dips on profit booking post June quarter earnings
Unlike other companies, Deveshwar pointed out, ITC would not have to go to banks for funds, it was cash-rich. “We are just waiting to invest,” he said.
As on March 31, ITC’s reserves and surplus stood at Rs 21,497 crore.
Deveshwar said the cigarette business provided the basis for cash flows that were enabling the creation of world class Indian brands in multiple consumer segments.
“They are also the basis for building capital intensive hotels and paperboard businesses,” he added.
ALSO READ: Tobacco, agri businesses push ITC net up 18%
Executive Director Nakul Anand said the hotel business would see an addition of 600-700 rooms in the current financial year. “Five to six properties will be added this year. A total of 15-18 projects are underway which would be a mix of owned and managed hotels,” he said.
The company has recently launched personal care brands such as Essenza Di Wills, Fiama Di Wills, Vivel and Superia which have been well received by the consumer, indicated Deveshwar.
Stressing on the need for having a global identity, Deveshwar said, “The mission is to create unique products, born out of deep consumer insight to win growing consumer franchise and build world class brands that would progressively dominate the Indian global market.”
ITC’s brands such as Aashirvaad and Sunfeast have already garnered annualised consumer spends of over Rs 2,000 crore each. While the former brand is a clear market leader in its segment, Sunfeast Dark Fantasy has emerged as a leader in the premium cream biscuits category, the chairman claimed.
According to him brands like Bingo!, Candyman, and Vivel were estimated to have attracted consumer spends of over Rs 500 crore each.
Success in my Habit
Monday, July 29, 2013
Natco ready to launch generic Copaxone in US
Launch, however, subject to approval of US Food and Drug Administration
New Delhi: Hyderabad-based drug maker Natco Pharma said a US court of appeals for the federal circuit ruling had paved the way for it to launch the generic Copaxone through its marketing partner Mylan during May 2014.
The launch is, however, subject to the approval of the US Food and Drug Administration. Natco said in Hyderabad on Saturday the US court had reversed a district court’s finding related to Teva’s US patent for Copaxone.
This means it may launch generic version of the drug. Copaxone (glatiramer acetate) is used in the treatment of relapsing-remitting multiple sclerosis. The product is estimated to have had sales in the US of $3.45 billion during 2012.
New Delhi: Hyderabad-based drug maker Natco Pharma said a US court of appeals for the federal circuit ruling had paved the way for it to launch the generic Copaxone through its marketing partner Mylan during May 2014.
The launch is, however, subject to the approval of the US Food and Drug Administration. Natco said in Hyderabad on Saturday the US court had reversed a district court’s finding related to Teva’s US patent for Copaxone.
This means it may launch generic version of the drug. Copaxone (glatiramer acetate) is used in the treatment of relapsing-remitting multiple sclerosis. The product is estimated to have had sales in the US of $3.45 billion during 2012.
India firms line up $100-m investments in Bangladesh
New Delhi: A number of Indian and Bangladeshi companies signed proposals for setting up projects in sectors such as limousine services, manufacturing three-wheelers and software development during road shows held in Chennai and Mumbai recently, officials of the Confederation of Indian Industry (CII) told Business Line.
The private sector initiative comes even as the Indian Government is doing its bit to bolster relations between the two countries.
Foreign Secretary Ranjan Mathai had told newspersons ahead of the President’s visit to Bangladesh earlier this year that Indian trade and industry had told the Government that it continues to see Bangladesh as a “very, very important partner”, and it would like to take forward plans for investment, trade and joint ventures between the two countries.
In March, senior officials of the Ministry of External Affairs had told newspersons that in the last six months or so 38 Indian investments had been registered with the Board of Investments in Bangladesh for about $183 million.
Major Indian companies such as Bharti Airtel, Tata Motors, Sun Pharma, Asian Paints, Marico, Godrej, Venky’s Hatcheries, Parle Products, Forbes and Marshall had invested in Bangladesh in the recent past.
Further, 14 projects worth nearly $736 million out of the $800-million Line of Credit which was signed between the two countries in 2010 have been approved. These include 11 projects valued at about $630 million in the railways sector for supply of locomotives, tank wagons, flat wagons and brake wagons to Bangladesh.
The private sector initiative comes even as the Indian Government is doing its bit to bolster relations between the two countries.
Foreign Secretary Ranjan Mathai had told newspersons ahead of the President’s visit to Bangladesh earlier this year that Indian trade and industry had told the Government that it continues to see Bangladesh as a “very, very important partner”, and it would like to take forward plans for investment, trade and joint ventures between the two countries.
In March, senior officials of the Ministry of External Affairs had told newspersons that in the last six months or so 38 Indian investments had been registered with the Board of Investments in Bangladesh for about $183 million.
Major Indian companies such as Bharti Airtel, Tata Motors, Sun Pharma, Asian Paints, Marico, Godrej, Venky’s Hatcheries, Parle Products, Forbes and Marshall had invested in Bangladesh in the recent past.
Further, 14 projects worth nearly $736 million out of the $800-million Line of Credit which was signed between the two countries in 2010 have been approved. These include 11 projects valued at about $630 million in the railways sector for supply of locomotives, tank wagons, flat wagons and brake wagons to Bangladesh.
CIL signs 82 FSAs for about 34,793 MW capacity power plants
New Delhi: Providing a big boost to the power sector, Coal India Limited (CIL) has signed 82 FSAs as on 25.07.2013, with power stations with a capacity of 34,793 MW. This includes 16 power stations belonging to NTPC and its Joint Venture companies (JVs).
11 more FSAs are ready to be signed shortly with NTPC or its JVs, while another 23 FSAs with State and private sector entities are in the pipeline. These FSAs were part of the 131 FSAs for a capacity of 60,678 MW which CIL was directed to sign in February, 2012. This will substantially increase the power generation during the current and subsequent years.
In yet another fillip to the power sector, Ministry of Coal has issued another Presidential Directive to CIL on 17.07.2013 for signing of FSAs for a capacity of 78,000 MW instead of the earlier 60,678 MW. This will not only increase the power generation further but will also fast track several power projects which are under development.
11 more FSAs are ready to be signed shortly with NTPC or its JVs, while another 23 FSAs with State and private sector entities are in the pipeline. These FSAs were part of the 131 FSAs for a capacity of 60,678 MW which CIL was directed to sign in February, 2012. This will substantially increase the power generation during the current and subsequent years.
In yet another fillip to the power sector, Ministry of Coal has issued another Presidential Directive to CIL on 17.07.2013 for signing of FSAs for a capacity of 78,000 MW instead of the earlier 60,678 MW. This will not only increase the power generation further but will also fast track several power projects which are under development.
Over 1759 MW of projects commissioned under National Solar Mission
Chennai: Over 1759.43 megawatts (MW) of grid connected solar power projects have been commissioned in the country as on 31 May 2013, under the Jawaharlal Nehru National Solar Mission (JNNSM).
The JNNSM programme is the ministry of new and renewable energy's three-phase approach to encourage the adoption of solar power in India, and is being done in different batches under the three broad phases.
Eleven projects of 50.50 MW capacity under migration scheme, 26 projects of 130 MW capacity under Batch-I of the solar mission and 69 projects totalling 88.80 MW of small capacity power projects have been commissioned, according to a statement from the press information bureau (PIB).
A total capacity of 252.50 MW off-grid solar power projects has been sanctioned and 60 MW have been commissioned. About 70.01 lakh sq. meter of collector area of solar thermal systems have been installed against a target of 70 lakh sq. meter of collector area, the PIB statement said.
The JNNSM was launched on 11January 2010 with the target of deploying 20,000 MW of grid connected solar power by 2022. The first phase of this mission aims to commission 1000MW of grid-connected solar power projects by 2013, having been launched last year. The second phase is to last until 2017 and the third will be on till 2022 with the aim of reaching 20 gigawatt (GW).
The Batch-I of the second phase, which includes off-grid projects, was expected to begin by April 1 2013, but has been delayed.
The JNNSM programme is the ministry of new and renewable energy's three-phase approach to encourage the adoption of solar power in India, and is being done in different batches under the three broad phases.
Eleven projects of 50.50 MW capacity under migration scheme, 26 projects of 130 MW capacity under Batch-I of the solar mission and 69 projects totalling 88.80 MW of small capacity power projects have been commissioned, according to a statement from the press information bureau (PIB).
A total capacity of 252.50 MW off-grid solar power projects has been sanctioned and 60 MW have been commissioned. About 70.01 lakh sq. meter of collector area of solar thermal systems have been installed against a target of 70 lakh sq. meter of collector area, the PIB statement said.
The JNNSM was launched on 11January 2010 with the target of deploying 20,000 MW of grid connected solar power by 2022. The first phase of this mission aims to commission 1000MW of grid-connected solar power projects by 2013, having been launched last year. The second phase is to last until 2017 and the third will be on till 2022 with the aim of reaching 20 gigawatt (GW).
The Batch-I of the second phase, which includes off-grid projects, was expected to begin by April 1 2013, but has been delayed.
Friday, July 26, 2013
Fashion designing in vogue
Mumbai: India's management education segment isn't the only attraction for national and international players; fashion designing also ranks high on their popularity lists.
After France-based Lisaa School of Design, which opened a centre in India two years ago, the latest entrant in the segment is Italy-based Istituto Marangoni, which set up an office in Mumbai, the first in India, last week. The institute's liaison office would help Indian student secure admissions to its campuses in Milan, London, Shanghai and Paris, and forge partnerships in fashion and design with the entities concerned in India.
Another recent entrant was film-maker Subhash Ghai-promoted Whistling Woods International, which set up a fashion school in partnership with fashion designer Neeta Lulla. The school, Whistling Woods-Neeta Lulla School of Fashion, would commence classes next month in Mumbai. The school, of which Lulla would be the dean, would offer a one-year diploma in fashion design for Rs 5 lakh and a two-year advanced diploma for Rs 8.36 lakh.
These schools, in addition to the existing National Institute of Fashion Technology (NIFT) (which has 15 centres), National Institute of Design (three centres) and Pearl Academy of Fashion, would cater to the growing demands of India's fashion industry. According to estimates, the Indian design and fashion industry is worth Rs 20,000 crore. Of this, branded wear accounts for about a fifth. Over and above this, there are segments such as footwear design, product design and accessories design, which are yet to be fully tapped.
Dario Cattaneo, group sales director at Istituto Marangoni, said, "We are looking to expand our business outside Europe. We have seen a 20 per cent growth year-on-year in the number of Indian students coming to our campus."
Lisaa School of Design provides an exchange programme and an option for students to complete their final course year or the final project in France. "The art and design scene in Europe, especially Paris, is more culturally and deeply entrenched. We can't separate Lisaa from the essence of French art and design, which is exactly the flavour we wish for our Indian students to experience," said Sarabjit Singh, chief executive of Lisaa School of Design, India.
Lisaa France, which has been around for about 30 years, has campuses in Paris, Nantes, Rennes and Strasbourg.
The school, which began operations in India with four students, now has 100 students across many of its programmes. In terms of placements, it partners about 200 brands, firms and design houses, including Eurodisney, Alstom, Habitat, Ikea, BNP Paribas, Louis Vuitton Moet Hannessy, Hermes Paris, Prada, Alcatel, Saatchi & Saatchi and Christian Dior.
Growing fashion awareness among Indians, good placements and the ease of launching one's own label in fashion designing makes this segment exciting and popular. Yashika Rama (name changed), who graduated from NIFT-Delhi two years ago, has set up her own boutique in South Delhi. The boutique records an annual turnover of Rs 6 crore.
"These days, being fashion-conscious means being aware. I have clients as young as 14 who know what fashion is all about. Growing awareness means more business for fashion designers," said Rama. She aims to double her turnover in the 18-24 months.
As many students graduating from design schools join companies that have design divisions, placements aren't an issue. While the salary packages varies, the list of companies keeps increasing, institutes say. For instance, at Pearl Academy in Delhi, while the count of recruiters was about 70 last year, about 100 companies came to the campus this year. At NIFT, Trident, a first-time recruiter, offered salaries of Rs 15 lakh a year to master's degree holders and Rs 9 lakh a year to bachelor's students, in the first round of placements. New firms visiting the campus included Adidas, Samsung, Hennes & Mauritz and Brand Marketing India.
The average salary for an entry-level position for a fashion technology or design student ranges from Rs 3 lakh to Rs 6 lakh, depending on the size of the firm. If a student manages to secure a job at a design company run by celebrity designers such as Satya Paul, Ritu Kumar and Tarun Tahiliani, the starting salary is 20-30 per cent higher, experts say. An average fashion design course costs between Rs 5 lakh and Rs 20 lakh, depending on whether it is a national or an international institution.
Cattaneo says while the number of players in this segment is increasing, a better location and teaching methodology would be Istituto Marangoni's unique selling point. While several fashion companies from Europe came to the institute's campus, he said several students were interested in setting up their own ventures. The institute has offered ^1 million worth of scholarships and is looking at similar schemes for the design school, too.
"Studies show in the next five years, the fashion industry in India would record average 15 per cent growth. Corporations have understood this potential well and, hence, the spurt in the number of institutes," said an education consultant with a global consulting firm.
After France-based Lisaa School of Design, which opened a centre in India two years ago, the latest entrant in the segment is Italy-based Istituto Marangoni, which set up an office in Mumbai, the first in India, last week. The institute's liaison office would help Indian student secure admissions to its campuses in Milan, London, Shanghai and Paris, and forge partnerships in fashion and design with the entities concerned in India.
Another recent entrant was film-maker Subhash Ghai-promoted Whistling Woods International, which set up a fashion school in partnership with fashion designer Neeta Lulla. The school, Whistling Woods-Neeta Lulla School of Fashion, would commence classes next month in Mumbai. The school, of which Lulla would be the dean, would offer a one-year diploma in fashion design for Rs 5 lakh and a two-year advanced diploma for Rs 8.36 lakh.
These schools, in addition to the existing National Institute of Fashion Technology (NIFT) (which has 15 centres), National Institute of Design (three centres) and Pearl Academy of Fashion, would cater to the growing demands of India's fashion industry. According to estimates, the Indian design and fashion industry is worth Rs 20,000 crore. Of this, branded wear accounts for about a fifth. Over and above this, there are segments such as footwear design, product design and accessories design, which are yet to be fully tapped.
Dario Cattaneo, group sales director at Istituto Marangoni, said, "We are looking to expand our business outside Europe. We have seen a 20 per cent growth year-on-year in the number of Indian students coming to our campus."
Lisaa School of Design provides an exchange programme and an option for students to complete their final course year or the final project in France. "The art and design scene in Europe, especially Paris, is more culturally and deeply entrenched. We can't separate Lisaa from the essence of French art and design, which is exactly the flavour we wish for our Indian students to experience," said Sarabjit Singh, chief executive of Lisaa School of Design, India.
Lisaa France, which has been around for about 30 years, has campuses in Paris, Nantes, Rennes and Strasbourg.
The school, which began operations in India with four students, now has 100 students across many of its programmes. In terms of placements, it partners about 200 brands, firms and design houses, including Eurodisney, Alstom, Habitat, Ikea, BNP Paribas, Louis Vuitton Moet Hannessy, Hermes Paris, Prada, Alcatel, Saatchi & Saatchi and Christian Dior.
Growing fashion awareness among Indians, good placements and the ease of launching one's own label in fashion designing makes this segment exciting and popular. Yashika Rama (name changed), who graduated from NIFT-Delhi two years ago, has set up her own boutique in South Delhi. The boutique records an annual turnover of Rs 6 crore.
"These days, being fashion-conscious means being aware. I have clients as young as 14 who know what fashion is all about. Growing awareness means more business for fashion designers," said Rama. She aims to double her turnover in the 18-24 months.
As many students graduating from design schools join companies that have design divisions, placements aren't an issue. While the salary packages varies, the list of companies keeps increasing, institutes say. For instance, at Pearl Academy in Delhi, while the count of recruiters was about 70 last year, about 100 companies came to the campus this year. At NIFT, Trident, a first-time recruiter, offered salaries of Rs 15 lakh a year to master's degree holders and Rs 9 lakh a year to bachelor's students, in the first round of placements. New firms visiting the campus included Adidas, Samsung, Hennes & Mauritz and Brand Marketing India.
The average salary for an entry-level position for a fashion technology or design student ranges from Rs 3 lakh to Rs 6 lakh, depending on the size of the firm. If a student manages to secure a job at a design company run by celebrity designers such as Satya Paul, Ritu Kumar and Tarun Tahiliani, the starting salary is 20-30 per cent higher, experts say. An average fashion design course costs between Rs 5 lakh and Rs 20 lakh, depending on whether it is a national or an international institution.
Cattaneo says while the number of players in this segment is increasing, a better location and teaching methodology would be Istituto Marangoni's unique selling point. While several fashion companies from Europe came to the institute's campus, he said several students were interested in setting up their own ventures. The institute has offered ^1 million worth of scholarships and is looking at similar schemes for the design school, too.
"Studies show in the next five years, the fashion industry in India would record average 15 per cent growth. Corporations have understood this potential well and, hence, the spurt in the number of institutes," said an education consultant with a global consulting firm.
Videocon Mobile Service to invest Rs 800 crore in Gujarat
Ahmedabad: Telecom service provider Videocon Mobile Services will invest Rs 800 crore in Gujarat for opening over 500 towers and 150 exclusive outlets in the current fiscal. The company is looking at regaining its lost ground after it lost the 2G licence. It achieved a five fold increase in Mobile Number Portability in last three months, claimed the official.
"We have 4,096 towers in the state and will add another 500 in the current fiscal. Another 1,000 will be added in the next fiscal," company CEO Arvind Bali told media persons in the city. The company already added 1,291 towers in June 2013. It also plans to increase its exclusive stores from 42 to 200 in Gujarat. It has decided to open 500 dedicated stores in the country by March 2014. It has already invested Rs 400 crore in Gujarat.
The company registered the second highest number of new subscribers in May and June in Gujarat, bringing its total subscriber base in the state to 8.5 lakh. "About 20- 25% of new subscribers were migrants from other service providers who have availed of Mobile Number Portability (MNP) facility. This was a five-times increase in MNP subscribers in the last three months. Within 6 months of comeback we have added second highest net subscriber additions in the state for last 2 consecutive months," he said.
Videocon is now focusing of increasing the consumption of data by its consumers. It claims that its GPRS service is one of the major reasons for growing its subscriber base in the state.
"We have 4,096 towers in the state and will add another 500 in the current fiscal. Another 1,000 will be added in the next fiscal," company CEO Arvind Bali told media persons in the city. The company already added 1,291 towers in June 2013. It also plans to increase its exclusive stores from 42 to 200 in Gujarat. It has decided to open 500 dedicated stores in the country by March 2014. It has already invested Rs 400 crore in Gujarat.
The company registered the second highest number of new subscribers in May and June in Gujarat, bringing its total subscriber base in the state to 8.5 lakh. "About 20- 25% of new subscribers were migrants from other service providers who have availed of Mobile Number Portability (MNP) facility. This was a five-times increase in MNP subscribers in the last three months. Within 6 months of comeback we have added second highest net subscriber additions in the state for last 2 consecutive months," he said.
Videocon is now focusing of increasing the consumption of data by its consumers. It claims that its GPRS service is one of the major reasons for growing its subscriber base in the state.
India’s longest bridge to come up in North-East by 2016
New Delhi: India’s longest bridge is being planned across the Brahmaputra at Bogibeel in Assam. The 4.94 km rail-cum-road bridge, expected to be a lifeline for the Northeastern states, is scheduled to be completed in 2016.
The bridge is a product of the 1985 Assam Accord and is being implemented by the North East Frontier Railway. The bridge will provide connectivity to upper Assam and Arunachal Pradesh.
The rail link would connect the two existing railway networks running along south and north banks of the river, according to the Railway officials. The rail link will begin from Chaulkhowa and Moranhat stations at south bank and joins in between Sisibargaon and Siripani stations of Rangiya-Murkongselek section in north bank.
The travel time is expected to be reduced to a few minutes, from the current one-and-a-half hour, to cross the river once the bridge is inaugurated; besides the movement of goods will also be possible on a larger scale.
The bridge is a product of the 1985 Assam Accord and is being implemented by the North East Frontier Railway. The bridge will provide connectivity to upper Assam and Arunachal Pradesh.
The rail link would connect the two existing railway networks running along south and north banks of the river, according to the Railway officials. The rail link will begin from Chaulkhowa and Moranhat stations at south bank and joins in between Sisibargaon and Siripani stations of Rangiya-Murkongselek section in north bank.
The travel time is expected to be reduced to a few minutes, from the current one-and-a-half hour, to cross the river once the bridge is inaugurated; besides the movement of goods will also be possible on a larger scale.
Railways expects Rs 1 lakh cr investment in PPP projects
Kolkata: The Indian Railways expects Rs 1 lakh crore investment in PPP projects in the 12th Plan period (2012-17), said Manoj Singh, Advisor-Transport, Planning Commission of India, on Wednesday.
“During the 11th Plan period, the Railways received a mere Rs 3,000 crore investment through public-private partnership route. We expect PPP investments in the current plan Period to be worth Rs 1 lakh crore," Singh said while addressing a CII seminar on logistics here.
The Government has chalked out six unique models to relax the norms to attract more PPP investments.
Singh added "underfunding" has been a major challenge in expanding rail connectivity.
“During the 11th Plan period, the Railways received a mere Rs 3,000 crore investment through public-private partnership route. We expect PPP investments in the current plan Period to be worth Rs 1 lakh crore," Singh said while addressing a CII seminar on logistics here.
The Government has chalked out six unique models to relax the norms to attract more PPP investments.
Singh added "underfunding" has been a major challenge in expanding rail connectivity.
India, Belarus Sign Protocol to Boost Trade Ties
New Delhi: The 6th Session of the India-Belarus Inter-Governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation was held today here. The session was co-chaired from the Indian Side by Dr. E.M. Sudarsana Natchiappan, Minister of State for Commerce and Industry and Mr. Dmitry S. Katerinich, Minister of Industry of the Republic of Belarus.
Highlighting that the meeting is yet another step in the direction of strengthening trade and economic relations between the two countries, Dr. Natchiappan said that “sectors like pharmaceutical, fertilizers, information technology and research & development offer tremendous potential for cooperation between India and Belarus.” Elaborating on the fertilizer sector, the Indian Minister conveyed that “India is looking for long-term contracts for supply of potash to meet its growing requirements.” He also added that Indian companies can also look for “opportunities for setting up joint ventures in Belarus for production of potash-based fertilizers.” The Belarusian side recommended India to determine an Indian counterpart deputed to negotiate on the long-term cooperation agreement, take decisions and signing of the agreement for the full volume of the deliveries. The JSC “Belaruain Potash Company” and an Indian counterpart to be nominated by the Government of India should finalise the volumes, terms and conditions of the long-term cooperation agreement for MOP deliveries to India within specified time period.
The two Ministers also signed a Protocol after the Meeting. It was decided by both the sides that necessary steps will be taken to sign the Memorandum of Understanding between the Ministry of Textiles, India and the Belarusian State Concern for Manufacturing and Marketing of Light Industry Goods (concern “Bellegprom”) on Cooperation in the Field of Textiles, Clothing and Fashion Industries.
The Republic of Belarus also asked India to recognise Belarus as a market economy country. The Indian side responded that the matter is under active correspondence between the sides. India is considering the issue of grant of market economy status to Belarus within the framework of India’s Antidumping Rules. The Indian side stated that the matter is being examined positively and the official decision would be taken before the next session of the Commission.
The Belarusian side flagged the issue related to the introduction and long duration of action of antidumping duties on a number of products of the petrochemical complex: tire cord fabric manufactured by JSC “Grodno Azot” and acrylics fibers manufactured by the plant “Polymir” of the OJSC “Naftan”. Belarus advocated for revocation of the antidumping duties on these goods and expressed the intension to maintain the export of the products to India, mostly of interest to Indian consumers.
Both the sides also agreed to create a Certification Centre of Belarusian companies and professionals in the field of software at the earliest possible time. The Belarusian Side will provide a draft concept of the Certification Centre of Belarusian companies and professionals in the field of software to initiate negotiations with the Indian Side.
The Belarusian delegation proposed to hold the 9th meeting of the Business Council “India-Belarus” in 2013 to promote the collaboration of business representatives, as well as agreed to define the dates of the National Exhibition (exposition) of the Republic of India during 2013-2014 in Minsk.
Highlighting that the meeting is yet another step in the direction of strengthening trade and economic relations between the two countries, Dr. Natchiappan said that “sectors like pharmaceutical, fertilizers, information technology and research & development offer tremendous potential for cooperation between India and Belarus.” Elaborating on the fertilizer sector, the Indian Minister conveyed that “India is looking for long-term contracts for supply of potash to meet its growing requirements.” He also added that Indian companies can also look for “opportunities for setting up joint ventures in Belarus for production of potash-based fertilizers.” The Belarusian side recommended India to determine an Indian counterpart deputed to negotiate on the long-term cooperation agreement, take decisions and signing of the agreement for the full volume of the deliveries. The JSC “Belaruain Potash Company” and an Indian counterpart to be nominated by the Government of India should finalise the volumes, terms and conditions of the long-term cooperation agreement for MOP deliveries to India within specified time period.
The two Ministers also signed a Protocol after the Meeting. It was decided by both the sides that necessary steps will be taken to sign the Memorandum of Understanding between the Ministry of Textiles, India and the Belarusian State Concern for Manufacturing and Marketing of Light Industry Goods (concern “Bellegprom”) on Cooperation in the Field of Textiles, Clothing and Fashion Industries.
The Republic of Belarus also asked India to recognise Belarus as a market economy country. The Indian side responded that the matter is under active correspondence between the sides. India is considering the issue of grant of market economy status to Belarus within the framework of India’s Antidumping Rules. The Indian side stated that the matter is being examined positively and the official decision would be taken before the next session of the Commission.
The Belarusian side flagged the issue related to the introduction and long duration of action of antidumping duties on a number of products of the petrochemical complex: tire cord fabric manufactured by JSC “Grodno Azot” and acrylics fibers manufactured by the plant “Polymir” of the OJSC “Naftan”. Belarus advocated for revocation of the antidumping duties on these goods and expressed the intension to maintain the export of the products to India, mostly of interest to Indian consumers.
Both the sides also agreed to create a Certification Centre of Belarusian companies and professionals in the field of software at the earliest possible time. The Belarusian Side will provide a draft concept of the Certification Centre of Belarusian companies and professionals in the field of software to initiate negotiations with the Indian Side.
The Belarusian delegation proposed to hold the 9th meeting of the Business Council “India-Belarus” in 2013 to promote the collaboration of business representatives, as well as agreed to define the dates of the National Exhibition (exposition) of the Republic of India during 2013-2014 in Minsk.
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