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Sanctions-ravaged Russia offers opportunities for Indian firms.
Jun 30, 2022

Indian companies are looking to bolster their operations in Russia, eyeing the opening left by the exodus of European, American and Japanese companies after the country's invasion of Ukraine.
 
From drugmakers to consumer good firms, a number of Indian companies are either bagging new projects or are gearing up to pitch for more contracts as Moscow seeks fresh partners and vendors to fill the void. Indian retailers are also in talks to open stores in Russia, President Vladimir Putin told a BRICS business forum last week.
 
New Delhi has avoided condemning Putin's grinding invasion of Ukraine as it needs Russian weapons -- one of its biggest source of arms. India, along with China, has already been snapping up cheap Russian crude that's then processed by domestic refiners including Reliance Industries Ltd, taking advantage of discounted barrels as global prices soar. Putin said oil flows to the top two Asian consumers are 'growing noticeably,' defying Western pressure to cut off trade with Moscow.
 
For Indian companies, the chance to grab a bigger slice of the Russian market is alluring despite the risk of a global backlash after corporate giants like Apple Inc., Ikea and Fast Retailing Co shuttered stores or paused sales in Russia.
 
'We'll be going very aggressively to convert those opportunities into orders,' said Rajneesh Chopra, global head of business development at VA Tech Wabag Ltd, a Chennai-based builder of water and sewage treatment plants that secured a Russian order worth 18 million euros ($19 million) in June. Chopra said its European rivals have put their Russian projects on hold, prompting clients to look for alternatives.
 
'Silver lining'
Srijit Dasgupta, the chief financial officer of Berger Paints India Ltd, said last month he saw 'significant opportunity' in Russia as multinational paint companies pull out. Russia is also a key medium-term growth area for Dr Reddy's Laboratories Ltd, one of India's largest drugmakers, Saion Mukherjee, a Mumbai-based analyst at Nomura Holdings Inc, wrote in a report last week following an investor meet held by the pharmaceutical firm.
 
 
    
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