Dr. M.S. Gill, Hon’ble Minister of State (Independent Charge) for Youth Affairs and Sports

Dr. M.S. Gill, Hon’ble Minister of State (Independent Charge) for Youth Affairs and Sports, visited Melbourne and Sydney from 25-29 March in connection with preparations for Commonwealth Games 2010. 

In Melbourne, he had meetings with Minister of Sports, Recreation and Youth Affairs Mr. James Merlino, senior sports officials and Commonwealth Games specialists.  He also visited Melbourne Sports and Aquatic Centre, Melbourne Olympic Parks Trust and Melbourne Cricket Ground.  In Sydney, the Minister toured the Sydney Olympic Park and held meetings with the representatives of the Australian International Sporting Events Secretariat.

Besides mining, agriculture, education and services, which were some of the core areas of bilateral trade and investment between India and Australia at present, Australia was keen to focus on other potential areas of business like food and beverages business, automotive sector, aerospace industry etc, informed Micheal Carter, Counsellor Commercial, Australian Trade Commission.

“India happens to be the fourth largest export destination for Australia, it is a very important strategic partner for trade, but the current export import activity between the two countries is largely confined to mining and mining resources, education, services, agriculture, and more of a resource-based relationship which can be widened. There is a lot of scope for business and possible collaboration in the areas of food and beverages particularly wine, travel and tourism,” he said.

Australia's exports to  India was worth around 12 billion Australian dollars last fiscal. There is a need to widen the export-import portfolio through sectors like aerospace, travel and tourism, wine and beverages industry. A lot of Australian wine exporters were particularly robust about investing in India as it was seen as the next growth market, Carter pointed out. Of the total domestic wine market in India, which is around 1.5 million cases per annum, almost 1,60,000 cases are imported, of which Australian imported wine enjoys roughly 25 per cent. “This share is growing and we are in talks with several state governments in the northern part of the country, particularly Haryana, Punjab, and other states for setting up some production facilities in collabration with domestic players into food processing and agri-business,” he added.

Macquarie-SBI Infrastructure Fund set up

Investment bank Macquarie Group and the State Bank of India launched a new fund called the Macquarie-SBI Infrastructure Fund (MSIF), to invest in infrastructure projects in India.  So far the MSIF has raised a capital of US$ 1.037 billion (A$ 1.45 billion) including A$ 1.24 billion from international investors and A$ 210.13 million from SBI.  The new fund will invest in “essential service” assets generating long-term cash flows, such as roads, sea ports, airports, power generation, transmission and distribution, gas distribution, telecommunications and logistics businesses.  Indian domestic institutions will invest through a domestic entity called the SBI-Macquarie Infrastructure Trust (SMIT).  MSIF and SMIT will invest together in infrastructure projects in India. 

IRL and RGB Joint Venture on mineral resources

On 18 April, India Resources Limited based in Perth, Western Australia, announced the signing of a Joint Venture agreement with RBG Minerals Industries Limited, a majority owned subsidiary of Binani Zinc Limited, part of the Binani Group, for the Aravalli lead zinc project. According to the agreement, RBG have agreed to spend Rs. 5.144 crores (US$ 1.1 million) to earn 51% of IRL’s subsidiary Crown Mining Private Limited, under a four-stage farm-in arrangement. Crown holds the preferential right to a Prospecting License (PL) and Mining Lease (ML) over the area surrounding the lead-zinc mines of Rajpura Dariba and Sindesar Khurd. RBG will assist the grant process of the PL and ML applications, and will fund further exploration targeting mineral resources.