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| Plexpo India targets Rs 300 crore business |
| Sohini Das / Mumbai/ Ahmedabad Oct 07, 2009, 01:34 IST |
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Indian companies to forge alliance with global partners
India can benefit out of the relative slump in global demand for processed ploymer as international companies turn to India for business opportunities.
The Gujarat State Plastics Manufacturers Association (GSPMA) is expecting to generate business worth Rs 300 crore from the upcoming Plexpo India 2010 in January next year as machinery manufacturers and polymer processing companies from South Asia and the subcontinent region are keen on doing business here.
Of around 450 companies that are slated to participate in the exhibition, 50 would be from neighbouring countries like China, Taiwan, Sri Lanka, Bangladesh together with Italy and Australia among others. Big-ticket corporates like Reliance Polymers, US-based Exxon Mobil Corporation are expected to participate in the exhibition together with others like Sintex, Pelican, Loxim, Cello, Sperry Group, Mamata Group, Ferromark Milacron India, Shubham Extrusion among others.
"The polymer processing machinery manufacturers are interested in showcasing their technology at the exhibition.There would be a number of Chinese companies in the area of injection moulding and extrusions," said Jigish Doshi, chairman of the Plexpo-India 2010 and chairman and managing director of the Vishakha Group, manufacturers of plastic products and micro-irrigation systems. Doshi explained that Plexpo-India's focus this time would be on attracting international investors.
Plexpo-India is organised by the GSPMA once every three years and the last one in 2007 was attended by 300 companies.
"Owing to a relative demand slump in the international market these South Asian economies are facing tough time and are looking forward to India for either technical joint ventures or selling of products," Doshi explained.
According to recent reports, as a consequence of deep recession in the US, it is estimated that savings by suddenly frugal US households soared to an annualised $566 billion in the second quarter of this year, more than quadruple the rate at the start of 2008 sucking demand out of the world economy. As a result, China's exports that has been clocking an average growth of 20 per cent for the last few years started experiencing a drop since last year November.
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