June 22, 2013

‘State image was hit by Haldia bulk terminal operator’s pullout’ | Business Line

Indian investments in France as of 2012, as per Bank of France data, stood at €230 million.

KOLKATA, JUNE 21:  West Bengal’s image had been tarnished across European nations following ABG-LDA’s pull out from the State, French Consulate General Fabrice Etienne said here on Friday.

ABG-LDA, a joint venture between India’s ABG Infralogistics and French logistics major Louis Dreyfus Armateurs (LDA), had stopped operations at the Haldia Port in West Bengal in October last year citing a troubled law and order situation.

ABG-LDA was operating though its special purpose vehicle, Haldia Bulk Terminals Pvt Ltd. “It (ABG-LDA’s pullout) had a very negative impact on French companies. I would be dishonest if I say that there was no negative image,” Etienne said at a press conference here on Friday.

According to him, the matter was reported across European papers too.

Etienne, however, added that there was no impact of the incident on future French investments in the State.

“No major French investments were there in the queue,” he said, adding that no deal was cancelled either.


Meanwhile, Dominique Frachon, Managing Director, Invest in France Agency/ India, pointed out that France was open to Indian investments in sectors like information and technology (IT), food processing, agro-chemicals, pharmaceuticals, agi-food, aero space, logistics and hotels and hospitality.

“Substantial number” of queries has already been received from West Bengal companies with regards to investment in IT, food processing and transportation. Currently, four companies from Bengal – Titagarh Wagons; Eveready; Electrosteel and ITC Infotech – operate in France.

Indian investments in France as of 2012, as per Bank of France data, stood at €230 million , Frachon said. Indian exports to France in 2012 stood at €4.7 billion while imports during the same period stood at €3.3 billion.

(This article was published on June 21, 2013)

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