India’s leading corporates coming to ‘Expo 2012’, want to pioneer rural BPOs

Wide ranging and strong participation at ‘Sri Lanka Expo 2012’ by Indian industries and businesses have now been confirmed.

Meanwhile, leading Indian investors are planning to pioneer rural BPO in Sri Lanka and are also eyeing Sri Lanka’s mini hydro power, pharmaceutical manufacturing and infrastructure sectors, including Colombo’s upcoming MRTS (Mass Rapid Transit System), announced Minister of Industry and Commerce Rishad Bathiudeen.

Minister of Industry and Commerce Rishad Bathiudeen (left) responds to a question by S. Gopalakrishnan, Mission Leader of visiting Indian CII delegation (second from left) at Ministry of Industry and Commerce, Colombo

Sri Lanka also encourages Indian firms to use Sri Lanka-Pakistan FTA to enter Pakistani markets.

Minister Bathiudeen revealed the above after his meeting with the visiting 13 member business delegation from the New Delhi based Confederation of Indian Industry (CII) on Monday December 12 at the Ministry of Industry and Commerce, Colombo 3.

CII is an MoU partner of Ceylon Chamber of Commerce.

The 13 member delegation consisted of S. Gopalakrishnan (Infosys), TT Ashok (Taylor Rubber Pvt Ltd), S. Chandrashekar (Bhoruka Power Corporation Ltd), S. Balasubramaniam (MARG Ltd), Naveen Bansal (Srei Infrastructure Finance Ltd), Pranab K Bose (Waterford Institute India), Biju V Jakob (ICICI Bank), Sreekant Lekshmivarahan (TVS and Sons Ltd), Ranjan Mallick (Alstorm Projects  India Ltd), Giridhar Rao (Griffith Laboratories Ltd), Vineet Varma (Brigade Hospitality Services Ltd), S. Sen (Confederation of Indian Industry) and GD Sharma (Confederation of Indian Industry).

The CII delegation consists of reps from leading Indian corporates and the mission is a two day mutual trade and business linkage promotional tour to Sri Lanka scheduled to end today (13 December).

Among the corporates in the delegation were  Waterford Institute India (the $ 7.5 million net assets valued multinational Indian education NGO operating in seven countries), ICICI Bank (ranked 12th in the list of Indian companies based on audited total income), Infosys (estimated US $ six Billion revenue for 2011, and ranked 27th in the list of Indian companies based on audited total income), TVS and Sons Ltd (exceeding $ 450 million), Griffith Laboratories Ltd, Alstorm Projects  India Ltd and Brigade Hospitality Services Ltd.

“Bilateral trade between both countries have always played a significant role in India – Sri Lanka historic relations,” Minister Bathiudeen informed the delegation. “A milestone in Sri Lanka’s exports history is ‘Sri Lanka Expo 2012’ to be held in March 2012 in Colombo. This mega exhibition will be showcased in Sri Lanka after 15 years’ lapse. I invite high level participation from India and more specifically from the Confederation of Indian Industry for this mega event,” Minister Bathiudeen said.

According to the Department of Commerce of Sri Lanka, bilateral trade between the two countries has been increasing over the years, from US dollars 656 million in 2000 to US dollars 3,013 million (three billion) in 2010 recording an impressive five-fold growth.

India, which ranked as the 16th largest buyer of Sri Lanka in the year 2000, emerged as the 3rd largest buyer of Sri Lankan products in 2003 and continues to be so.  

Promptly accepting Minister Bathiudeen’s invitation, Mission Leader S. Gopalakrishnan who is also the Vice President of CII (and Executive-Co Chairman of Infosys), said: “We are confirming participation of a wide ranging Indian delegation under the CII banner” and added: “The Confederation of Indian Industry (CII) also want to link Indian investors and businesses to Sri Lanka in its new growth phase. We can also support in the improvement of Sri Lankan manufacturing and its quality aspects.”  

 “Indian manufacturers can use the promising Sri Lanka-Pakistan FTA to enter the Pakistani market” Minister Bathiudeen informed the delegation, adding, “Indian industries are invited to use Sri Lanka’s developing hub outlook to manufacture and re-export their products to the global markets including Pakistan.”

CII is a non-government, industry led and industry managed body representing over 8100 organisations (direct membership) from the private and public sectors, SMEs and MNCs, and an commands an indirect membership of over 90,000 companies from around 400 national and regional sectoral associations. CII was founded 116 years ago.

Gopalakrishnan also handed over the official invitation extended by Indian Commerce and Industry Minister Anand sharma inviting Sri Lanka to the “‘New Age Innovation Partnership” themed Hyderabad Partnership Summit to be held from 11 to 13 January which was accepted by Minister Bathiudeen. “Industrial delegations from over 30 countries, besides captains of Indian industry will attend this event. Summit would be a platform to explore various facets of innovation contributing to future growth and also planned to form business alliances with global companies,” Gopalakrishnan said.

Addressing Minister Bathiudeen, members of the CII delegation revealed that they are keen to enter into several sectors in Sri Lanka. “We are keen to pioneer rural BPOs in Sri Lanka. Also keen to enter mini hydro power sector, pharmaceutical manufacturing sector, agri sector, education and infrastructure sectors,” revealed Gopalakrishnan.

 “Sri Lanka can adopt the cluster based manufacturing approach for SMEs, manufacturing and industries in general. And if interested, we can introduce this model to Sri Lankan manufacturing. The ‘auto component manufacturing cluster’ in India is an example,” said Sreekant Lekshmivarahan of TVS and Sons Ltd, the company famous for its TVS motorbikes. “We can enter and supplement capacity constraints in Sri Lanka’s auto and motor car assembly industries and strengthen your supply chain as well,” Lekshmivarahan added.  

TVS and Sons annual turnover is estimated to exceed $ 450 million. Naveen Bansal of Srei Infrastructure Finance Ltd said: “My firm is looking at infrastructure projects. We already received Sri Lanka government’s approval to build the first Mass Rapid Transit System (MRTS) for Colombo city.” Vineet Verma of Brigade Hospitality Services, revealed: “We see great potential in Sri Lanka’s tourism sector.  We at Brigade Hospitality are keenly looking to invest in the Kalpitiya region of Sri Lanka.”