As Indian pharma companies are keen to establish manufacturing bases in Russia, it is imperative that Russian government should address their concerns in an expeditious manner, said commerce and industry minister Anand Sharma who led a high level delegation of 120 Indian business leaders at the India-Russia Trade and Investment Forum at St. Petersburg on Friday. Sharmas visit assumes significance as Prime Minister Manmohan Singh is likely to visit Russia next month.
The fertiliser sector, too, has attracted Indian interest for setting up manufacturing units in Russia and the two sides discussed the production of phosphate and potash by way of joint ventures. Besides, the two sides are expected to identify opportunities for investment in urea production in India.
Akron and Orgsintez, the two Russian companies, are in discussion with Iffco as they have potassic and phosphatic resources. Both sides discussed the need to support the proposal of Akron for setting up of facilities for production of phosphate and potash in Russia by way of JV with Indian fertiliser entities, said a commerce ministry statement.
Besides, the the investment forum has selected 15 high value, high-tech projects for special attention in its seventh edition at St. Petersburg. These include the establishment of India-Russia joint venture with Hindustan Aeronautics as joint centre of developing helicopters, production of Nitrogen Tetra Oxide for space programme, joint project of Ranbaxy Laboratories and government of Yaroslavl region and possible future cooperation between MMTC and ALROSA for long-term supply of rough diamonds.
The other projects are ONGC Videsh's prospects for further hydrocarbon collaboration with Russian energy companies, participation of Russian companies in urea production in India under new investment policy, plant construction for manufacturing butyl rubber with capacity of 100,000 tonnes per year at the production site of RIL in Jamnagar.