Russian companies are planning to form joint ventures (JVs) in India to set up units in the aluminum and beverages sector, which will give a big boost to Make in India. Boris Titov, a Russian luxury winemaker, has formed a partnership with an Indian partner and plans to set up a factory near Delhi to produce sparkling wine.
"I visited India to discuss business plans. I had a good response. We identified land near New Delhi to set up a wine factory. The manufacturing cost in India is not high, and this is a big incentive," Titov told ET.
"The Indian beverage market is growing, and the Indian economy is doing well. "I've had a really good response since I went to India," he said.
Titov is no stranger to India, having spent some of his childhood years here in the 1970s when his father was posted in a Russian data company that preceded the introduction of computers in India.
Titov, who is also the Russian President's Commissioner for Business Rights, pointed out that Russian companies are trying to set up business in India using rupees collected from Indian banks. Russian companies can also use India's decades-old debt to Russia to set up manufacturing facilities in India.
Titov also said that Sberbank's Russian branch in India is trying to use rupees collected from rupee-rupee trade to invest in Bangladesh, South Asia's second-largest market after India. This is possible due to international currency transfers between India and Bangladesh.
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