The worlds largest cigarette paper and filter paper manufacturer is tying up with ITC Ltd to manufacture special paper for filter tips for cigarettes in Bangalore.
The Austrian company Tann Papier would enter into the joint venture within a few weeks with the Indian tobacco giant, with the former holding majority stake holding, the Austrian trade commissioner in New Delhi, H Rampitech, said yesterday.
Fifty Austrian companies at present were having alliances with their counterparts in India, he said, noting that Sarapadi hydel power project in Karnataka had been financed by Austrian government and a consortium of Austrian banks.
Earlier, addressing members of the Federation of Karnataka Chambers of Commerce and Industry (FKCCI), Rampitech, who accompanied a 15-member Austrian trade delegation now on a visit to India, said trade between the two countries picked up only in 1991, after India started the process of liberalisation.
He said the trade flourished in 1995, when it registered a growth of 55 per cent, and 30 per cent in 1996. Austrian companies are trying to penetrate the Indian market and we are confident of getting orders in the power field. We are interested in chemical field also.
Ing I Maderthaner, president of the Austrian Federal Economic Chamber and head of the trade mission, said Asian market in general and Indian market in particular offered great challenges and unlimited opportunities in trade for his country. He expressed confidence of increasing trade volumes between the two countries.
A delegation member said Austrian investors would rather go to china than India though the latter had better infrastructure and other facilities.
He urged the Indian industry to send a mission of experts to his country and convey to potential investors about the advantages and opportunities here to expand business relationship between the two countries. He offered all help from the Afec in this regard.
Meanwhile, FKCCI here would set up a Euro cell, a data-base of all European countries, to help Indian industrialists. Discussions are on with European Community cell officials, a top FKCCI official said.
