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HIL India looking for JV investments from China, S Korea, Japan amid COVID-19 crisis
Apr. 29, 2020
HIL (India) Limited
IndiaFollow
IndiaState-run HIL India is looking for joint venture investments from agro-chemical makers in China, South Korea and Japan after the government asked fertiliser and chemical PSUs to convert the current COVID-19 adversity into an opportunity.
Fertiliser and Chemicals Minister D V Sadananda Gowda has advised that "Indian corporates especially PSUs under his ministry should try to convert COVID-19 adversity into an opportunity of attracting investments from abroad."
"Following on the advice, HIL, a CPSU under the department, is looking for expanding its business area and has sent proposals to Indian Embassies/Missions in China, Japan and South Korea for inviting interested agro-chemical manufacturers in respective countries for investment in India," an official statement said.
HIL is looking for business tie up in areas of contract manufacturing or plan-on-lease arrangement, it said.
For smooth running of its Public Sector Undertakings (PSUs), the Department of Chemicals and Petrochemicals has taken initiatives to overcome the hurdles posed by Covid-19 pandemic and has suggested them to strengthen their performance by exploring joint ventures with global enterprises looking for investments.
Despite facing a lot of hurdles due to COVID crisis, the ministry said HIL is ensuring supply of essential chemicals such as DDT in health segments, while seeds and pesticides in agriculture segments in various parts of the country.
The ministry said that production in HIL units has been affected during the lockdown period. However, the company has shown good sales during the last week ended April 24.
HIL sold 37.99 tonnes of agro-chemicals, dispatched 97 tonnes of DDT, executed an export order of 10 tonnes of Mancozeb to Peru, it said.
HIL has also drafted an agreement, which has been shared with the Ministry of Agriculture, for supply of Malathion Technical for Locust Control Programme, it added.
Source: Outlook India
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