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“Sri Lanka should look at Indian market more aggressively”

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CII EXCON’s first Finance Plaza sees record business visitors

Sri Lankan industrial-based companies should participate in South Asia’s largest construction equipment exhibition EXCON held every other year in Bangalore since its offers numerous business opportunities for Sri Lankan entrepreneurs, said OTR Wheel Engineering Lanka Managing Director, Asanka Rajapaksa.

He said that EXCON is an ideal hunting ground for local MMEs and SMEs to find partners to enter joint ventures and acquire new technology. “They can also find access to the huge Indian markets for their exports.”

I don’t see why Sri Lankan companies do not crash on EXCON as India is emerging to be the world’s second-biggest construction equipment manufacturer in the world by 2030 beating even the USA.”

He also said that one does not have to spend a huge amount on airfare, hotel accommodation and time to get to India. For me, EXCOB is the right investment for the future and I am happy with the positive outcome I received so far.”

OTR Wheel Engineering was founded in Rome in 1987 and its global footprint comprises 35 facilities located in N. America, Europe and Asia their manufacturing locations are located in the U.S., Canada, China, Thailand and Sri Lanka. OTR products include wheels, tires, assemblies, tracks, tubes, belts, ballast and accessories.

“When it comes to marketing, India should be a better choice than the EU or other far eastern countries.”

Meanwhile, CII EXCON for the first time has showcased a Finance Plaza with banks like ICICI, HDFC Bank, Kotak Mahindra, IndusInd Bank, and NBFCs such as Tata Capital showcasing their multiple financial products one can choose from. There are over 15 exhibitors at the Finance Plaza.

“The need for the Finance Plaza was realized as it is easier to have face-to-face interaction between banks, NBFC, and customers. This also helps the lending institution understand the customer better resulting in faster financing of the equipment”, said Leader, Excon 2021 Taskforce on User Industry CEO Participation & Senior Vice President, Tata Capital Services Limited to the EXCON Team Jaswinder Bakshi.

“Nearly 90% of the CE equipment is financed either by banks or NBFC and as the CE machines have a good resale value and the risk appetite for finance is high. The CE finance market is about $6 Bn and this is expected to increase by 12% to 15% in FY23 which is in line with the projections of the CE industry,” he added.

Monday, May 23, 2022 – 01:00

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