Hannover fair generates $1.3 billion business for Indian firms

New Delhi,India April 30: The Hannover Messe 2006, the world’s largest engineering technology fair, has generated business for Indian firms worth $1.3 billion, an official release said Sunday. This includes a large number of business deals and joint ventures which were concluded between Indian engineering companies and their German counterparts including joint ventures between Kingfisher airlines and Airbus, Mann Age and Force Motors, and Indian Railways and Deutsche Bann, according to Rakesh Shah, chairman of the Engineering Export Promotion Council (EEPC). Spot orders for $15 million were booked and serious enquiries worth $85 million generated at the Fair, held during April 24-28, in which India was the partner country after a gap of 21 years. The overwhelming response from German counterparts to the various seminars organised by EEPC at Hannover would enable India to double its engineering exports to Germany to $1,090 million from $545 million in the next three years, Shah said, adding that foreign direct investment (FDI) from Germany to India would also double during the period. EEPC would also seriously take up the concept of Engineering Process Outsourcing (EPO) after this event on the basis of the data bank created of the German counterparts. FOR MORE INDIA NEWS CLICK HERE