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Annual Report 2011-12
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:: PRESS RELEASES |
Exim Bank Inks Loan Agreement with Traditional Ayush Cluster of Tamilnadu
Dr. V. Dharmalingam (left), Chairman, Traditional AYUSH Cluster of Tamil Nadu Pvt. Ltd. (TACT) with Shri Prabhakar Dalal (right), Executive Director, Exim Bank, in presence of Shri Ajith Kumar (center), Regional Head & Chief General Manager, Chennai, Exim Bank at the signing of the loan agreement to TACT to boost exports of AYUSH (Ayurveda, Yoga & Naturopathy, Unani, Siddha and Homoeopathy) products.
With a view to boosting exports of AYUSH (Ayurveda, Yoga & Naturopathy, Unani, Siddha and Homoeopathy) products from India, and to promoting cluster approach for enhancing export competitiveness of Ayush products in the international market, Export-Import Bank of India (Exim Bank) has sanctioned a loan to Traditional Ayush Cluster of Tamil Nadu Pvt Ltd (TACT). The loan agreement to this effect was signed by Mr. Prabhakar Dalal, Executive Director of Exim Bank and Mr. V. Dharmalingam, Chairman of TACT in Chennai on Wednesday, August 1, 2012. The loan will be utilised for setting up common infrastructure facilities for AYUSH products in Sriperumbudur, Tamil Nadu.
TACT is registered as a private limited company under the Companies Act 1956 and is promoted as a Special Purpose Vehicle (SPV) by the Department of AYUSH, Government of India. TACT works towards enhancing the capacity, reducing overheads and improving the quality of AYUSH products and its packaging, thereby helping even small scale units to enter into export business.
With the support of Exim Bank, the cluster will have state of the art facilities for testing and analysis, product validation, safety studies and manufacturing. Apart from upgrading the manufacturing technology of Ayurvedic drugs, a facility is also being developed for entrepreneurs to help them compete in the international market, and to develop a research & development centre in the field of Indian Systems of Medicine (ISM) products, especially Siddha and Ayurvedic products.
At the signing event in Chennai, Exim Bank's Executive Director Mr. Prabhakar Dalal said, "India is the proponent of Ayurvedic, Unani and Siddha medicines which have been found to be effective for treating many ailments. As the facilitator of Indian exports, Exim Bank will support TACT so that their products find a wider market globally. Right and attractive packaging is paramount for success of any product in the intensely competitive export markets and we hope that with Exim Bank's help TACT will gain that competitive advantage."
Chairman of TACT, Mr. V. Dharmalingam said, "While Indian Systems of Medicine (ISM) has great potential to substantially increase exports, in the recent past ISM sector in India has come under criticism for contamination and unsafe formulations flooding the market. It is therefore, becoming imperative for units in the sector to validate their products and processes by adopting modern, appropriate techniques to meet good manufacturing practices. The support from Exim Bank would enable us to meet the basic standards and required scientific protocols thereby enhancing acceptability of ISM medicines internationally."
Tamil Nadu has nearly 900 units in the ISM sector and contributes close to 7% to the overall industry turnover in the country. The increasing acceptance of ISM products and specialised treatment methods not only in India, but also overseas coupled with Tamil Nadu attracting a large number of foreign tourists including those coming for medical treatment are some of the key reasons for sustained growth momentum in the sector.
For further information, please contact
Mr. Samuel Joseph,
General Manager,
Export-Import Bank of India,
Centre One Building, Floor 21,
World Trade Centre Complex, Cuffe Parade,
Mumbai 400 005.
Telephone: (022) 2216 2068,
Fax:(022) 22182572.
E-mail:samuel_joseph@eximbankindia.in
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