90 bn dollars giant Itochu eyes JV route to Indian cos

摘要

The Itochu Group is looking to pick up equity stakes in Indian companies as a joint venture partner. The 90 billion dollars Japanese trading giant, which currently operates through a liaison office in India, is also considering to set up a wholly-owned subsidiary as business grows. Itochu already has about 8-10 joint ventures operating in the country in the areas of mining, chemical etc and generates a business of approximately 1 billion dollar through its trading activities. Speaking to ET, Makoto Kato, executive vice-president & CEO of division companies operation at Itochu Corporation, said, "Infrastructure, food processing and garments are some sectors that look interesting in India. Itochu has a lot of exposure in consumer goods globally and we have not done much till now in India but it is a place to check out." He informed that Itochu is interested in forming JVs with an Indian entity involved in manufacturing textile garments, which would then be exported to the European market. Itochu already has equity holdings in some companies, including a 4.48 percent equity stake in Indo Rama Synthetics, which manufactures polyester.