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NEW FOREIGN TRADE POLICY TO PROMOTE EXPORTS LARSEN & TOUBRO BAGS MULTIPLE CONTRACTS WORTH
THROUGH E-COMMERCE, BATTERIES, FARM EQUIPMENT OVER `7,000 CR IN MIDDLE EAST
The new Foreign Trade Policy (FTP) 2023, announced recently, will Construction major Larsen & Toubro (L&T) has bagged multiple
help in promoting exports of sectors from e-commerce, batteries contracts of worth more than `7,000 crore in the Middle East INTERNATIONAL
for electric vehicles and farm equipment. India on March 31 region. The scope of work comprises engineering, procurement,
came out with the new policy which aimed at pushing rupee construction and installation for various new offshore facilities and
trade, increasing outward shipments to $2 trillion by 2030, and integration with existing installations
promoting e-commerce exports, amid global uncertainties.
Rumki Majumdar, Economist at Deloitte India, said that the KILBURN ENGINEERING LIMITED EXECUTES MOU WITH
policy emphasises on the manufacturing and export sectors with a IDRECO S.A.
long term view. Sectors such as batteries for EVs, green hydrogen, Kilburn Engineering Limited has executed an MoU (Memorandum
and garment, amongst others will benefit from the policy, she of Understanding) with M/s. Idreco S.A. (a Switzerland based
said, adding that with over 80 per cent of trade being done in the company, engaged in Flue gas cleaning, Industrial Plants, Water
USD, encouraging trade in Indian rupee will be a relief. “It will also treatment & Waste water treatment), for mutual collaboration in
add to its resilience to external shocks and improve negotiating development and sale of engineered equipments for various
capabilities in international trade,” Majumdar said. applications, by both the companies, across various geographies.
Shashi Mathews, Partner at IndusLaw, said that through the policy, This is in line with the company’s objective to provide a wide range
the government’s focus is to digitise and re-engineer the processes of technologically advanced equipments to its customers, across
to make it more business-friendly and less time-consuming. the globe. We believe this initiative will help the Company achieve
“Some key focus areas which will reap the benefits are a higher level of order book and turnover in the coming years.
e-commerce, merchanting trade, green technology products
like EV, farming equipment, etc,” Mathews said. ANUPAM RASAYAN SECURES `1,500-CR WORTH
The new policy would rekindle business sentiment to achieve OVERSEAS CONTRACT
India’s aspirational target of being a global leader in exports, Anupam Rasayan India signed a letter of intent (LoI) worth $182
Sanjay Budhia, Chairman of CII National Committee on Exports million (about `1,500 crore) of order with a Japanese firm, towards
and Imports, said. “Reduction of export performance threshold in manufacturing and supply of three high-value speciality chemicals
the new FTP is a welcome step as this will enable more exporters to over the next seven years. The three molecules, which will be used
achieve higher status and reduce transaction cost for exports. The as advance intermediates for highly specialised polymers and
policy has a strong emphasis on reduction of transaction costs, liquid crystals, will be manufactured at the company’s existing
internationalisation of INR and e-commerce exports which could facilities. Anupam Rasayan will be the exclusive supplier for these
be a game changer to put India at a leadership position in the molecules outside of India, which is in line with its expansion strategy
global exports map,” Budhia added. in fluoropolymer and electronic segments and manufacturing
high-value molecules. Earlier, the company had signed a
JSW STEEL USA TIES UP WITH INTESA SANPAOLO AND memorandum of understanding (MoU) with the government
BANCO BPM FOR $182 MILLION FINANCE of Gujarat for setting up new plants in Jhaghadia and Sachin,
JSW Steel USA, a subsidiary of JSW Steel Limited has secured long- primarily for manufacturing fluorochemicals for the agrochemical,
term funding for its Plate Mill modernization project in Baytown, polymers and pharma sectors in Japan, Europe and America.
Texas from two Italian financial institutions, Intesa Sanpaolo and The plants, which are likely to be commissioned before 2025.
Banco BPM. The company stated that $70 million of the overall
finance is covered under the SACE guarantee, while the remaining SAMVARDHANA MOTHERSON ACQUIRES ASSETS OF
$112 million is a term loan. The finance was arranged by SACE’s ALABAMA-BASED BOLTA US
Export Finance Division, with assistance from the SACE office Samvardhana Motherson Automotive Systems Group has acquired
in Mumbai, which has a long history with JSW Steel. The SACE the assets of Alabama-based Bolta US Ltd. The acquisition has been
guarantee is issued in order to promote Italian exports. done through its subsidiary SMP Automotive Systems Alabama Inc.,
Intesa Sanpaolo (IMI Corporate & Investment Banking Division) USA. SMP Alabama has purchased $35.7 million worth of Bolta’s
served as SACE Agent and commercial tranche coordinator. fixed assets (including $31.8 million of tangible assets and $3.9
Both Intesa Sanpaolo and Banco BPM served as the facilities’ million of the intangible assets) and $4.7 million of its inventory
Bookrunners and Mandated Lead Arrangers. for $16.002 million, free and clear from all liens. Bolta is the only
JSW Steel USA’s Plate mill modernization project includes supplies approved chrome part supplier to a leading German OEM in the US.
from Danieli & C. Officine Meccaniche S.p.A, Danieli Automation
S.p.A, and Danieli Taranis LLC, all of which are Danieli Corporation GODREJ SECURITY SOLUTIONS TO SCALE EXPORT
Inc. subcontractors for a cutting line, rolling mill, and ACC/DQ. BUSINESS IN US AND EUROPE
The project also comprises Sideridraulic supplies for water Godrej Security Solutions, part of Godrej & Boyce, plans to focus
treatment and cooling systems, as well as Tenova supplies for on expanding the market for its exports in the US and Europe.
grinding equipment for the new rolling mill and related engineering Currently, exports make up around 12 per cent of the company’s
services. These vendors’ total value of equipment and related exports, which the company plans to scale up to 20 per cent in
engineering services exceeds $100 million. 2–3 years.

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