New Delhi, Oct 16: Major Russian state-run and private companies Tuesday launched an initiative to increase business contacts and form joint ventures in sectors such as aviation and power equipment with Indian firms.
“Russian companies are keen on forming joint ventures with Indian firms in areas like mining, aviation, and equipment for nuclear and power units,” Yaroslav Tarasyuk, Head of Projects and Analytical Division (Department of Asia and Africa), Ministry of Economic Affairs of Russian Federation, said at the event that was sponsored by the state-owned Export Insurance Agency of Russia (EXIAR).
Tarasyuk said this “B-to-B contact” initiative has come about to fill a gap and it would go ahead as a part of the India-Russia Trade and Investment Forum, which had its sixth official-level meeting Monday in New Delhi.
Other Russian companies present at the event, organised jointly with Federation of Indian Chambers of Commerce and Industry (FICCI), included United Aircraft Corporation (UAC), the makers of MiG and Sukhoi, Russian Helicopters, Kamaz Vectra Motors and Sibur Holding.
Some companies like UAC are already collaborating with India’s civil aviation ministry and the Directorate General of Civil Aviation (DGCA).
Sibur Petrochemical India is also collaborating with Reliance Petrochemicals in a joint venture project currently to set up a butyl rubber plant in Jamnagar, Gujarat.
The Trade Commissioner of the Russian Federation in India, Mikhail Rapota, said: “We welcome companies which are interested in having cooperation with our aviation firms as Russia has a strong aviation industry.”
At present, over 300 Indian private and government companies are operating in Russia, while several Russian firms like Sistema have their presence in India.
India and Russia expect the two-way trade to double to $20 billion by 2015, from this year’s expected aggregate of $10 billion.
In 2011-12, the bilateral trade between the two countries stood at $6.40 billion.