India Advices its Public Sector Chemical Cos to Seek Foreign Investment- COVID – 19

India’s Department of Chemicals and Petrochemicals has taken initiatives to overcome the hurdles posed by Covid-19 pandemic and has suggested state-owned units to strengthen their performance by exploring Joint Ventures with global enterprises looking for investments.

The initiative came on the directions of Union Minister of Chemicals and Fertilizers Shri DV Sadananda Gowda who has advised that Indian corporates especially PSUs (public sector undertakings) under his Ministry should try to convert COVID-19 adversity into an opportunity of attracting investments from abroad.

Following on the advice, HIL (India) Limited (formerly Hindustan Insecticides Ltd), a PSU under the Department, is looking for expanding its market and has sent proposals to Indian Embassies/Missions in China, Japan and South Korea for inviting interested agro-chemical manufacturers in respective countries for investment in India for business tie-up with HIL including contract manufacturing or plan-on-lease arrangement.

On the recent performance side, despite facing lot of hurdles due to COVID-19 crisis, HIL is ensuring supply of essential chemicals such as DDT in Health segments and Seeds & Pesticides in Agriculture segments in various parts of the country.

During nationwide lockdown due to COVID-19, production has been affected in HIL’s Units. However, company has recorded good sales performance during the last week ended on 24th  April and sold 37.99 metric tons of Agro-chemicals, despatched 97 metric tons of DDT, executed an export order of 10 metric tons of Mancozeb 80% WP to Peru.

HIL has also drafted an agreement which has been shared with the Ministry of Agriculture for supply of Malathion Technical for Locust Control Programme.