India’s Agro Chemical Sector Has Potential to Attract Global Partners: HIL
HIL moves Indian Missions to attract JV investments in Agro-chemical projects in India taking forward advice of Shri Sadananda Gowda, Union Minister for Chemical & Fertilisers for utilising investment environment created by COVID-19
For the smooth running of its PSUs, 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. Department has taken this initiative on the directions of Union Minister of Chemicals and Fertilizers Shri DV Sadananda Gowda who 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 ing its business area and has sent proposals to Indian Embassies/Missions in China, Japan and South Korea for inviting interested agrochemical manufacturers in respective countries for investment in India for business tie-up with HIL including contract manufacturing or plan-on-lease arrangement.
On the recent performance side, despite facing a lot of hurdles due to COVID crisis, HIL is ensuring supply of essential chemicals such as DDT in Health segments and Seeds & Pesticides in Agriculture segments in various parts of the country.
During nationwide lockdown due to COVID-19, production has been affected in HIL’s Units, However company with has now shown a good sales performance during the last week ended on 24th April and sold 37.99 MTs of Agro-chemicals, despatched 97 MTs of DDT, executed an export order of 10 MTs of Mancozeb 80% WP to Peru. HIL has also drafted an agreement which has been shared with the Ministry of Agriculture for supply of Malathion Technical for Locust Control Programme.