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$35 m business prospects at Indo-Nafta castings meet

Our Bureau

Kolkata , Feb. 14

THE recently concluded first such three-day Indo-Nafta Castings Meet here, organised by Engineering Export Promotion Council (EEPC) has thrown up business prospects of nearly $35 million.

Talking to Business Line, Mr Rakesh Shah, all-India Vice-Chairman of the council, said the close interaction between Indian exporters of ferrous castings and business delegates from the US and Canada has fetched an on-the-spot order of $4.5 million and serious business prospects of another $30 million.

Describing the meet as a positive starting point for promoting Indo-Nafta trade in foundry products, he said as per feedback received from the overseas participants, in addition to renewing old contacts, they were also favourably inclined to establish contacts with as many as 42 new engineering goods exporters.

He sounded confident that export of ferrous castings from India to the US and Canada would grow substantially in the foreseeable future. Commenting on the emerging strengths of the Indian castings sector, he said it was evident from the volume of investments flowing in from the US.

"Many blue chip US MNCs are now entering into joint ventures with Indian companies, and global players such as Caterpillar and John Deere already have a robust presence in India." He said while production volumes are still not up to global standards, "India is still the 6th largest producer of castings in the world, after the US, China, Japan, Russia and Germany."

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