Investment and Joint Ventures

List of Indian companies in Latin America and Latam cos in India

PTA with Mercosur and Chile

Lines of Credit

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Business Practices





India’s trade with Latin America.

Note: The author had used calendar year ( january to december) trade figures since 1997 to 2013, having got the figures from Latin American countries and Indian embassies. From 2015 onwards he has decided to use statistics from the Indian Ministry of Commerce which gives out figures for fiscal year April to Marc.


Latest News

Sterlite India gets Transmission line project in Brazil in December 2017

Sterlite Power Grid of India won one of the largestBrazilianpower transmission line project in the auction held in December 2017. It is valued around 850 million dollars. It is a 1,000-km line running through the northern states of Pará and Tocantins. The licenses include a 30-year contract to operate the lines, with pre-defined annual revenues coming from the tariffs to be charged for the service.

This is their second big win. Earlier in April they won a contract worth USD 150 mn. They are active, in Brazil, since 2013. They have a cable manufacturing facility, USD 7mn, in Curitiba.




India is more important for Latin American exports than Germany, UK, France, Spain and Italy

India has become more important as an export destination for Latin America than their their traditional European trade partners such as Germany, UK or France. In 2016 Latin America exported 16.7 billion dollars of goods to India while their exports to Germany was 14.4 billion, Spain-13.5bn, UK-10 bn, Italy-9.3 bn and France – 7.2 bn.

India was the sixth largest export destination for Latin America in 2016, after US, China, Netherlands, Canada and Japan.  In 2014, India was in the third rank with 29 billion dollars ahead of Japan, Netherlands and Canada


India's trade with Latin America in 2016-17.

For those who think that Latin America is too far and cost of freight is too high and therefore the region should be less important for India’s trade, here is the eye opener from the  2016-17 (April-March) statistics of the Commerce Ministry of India.

In 2016-17, India exported more to Mexico (3.5 billion dollars) than to neighbours such as Thailand (3.1 bn), Myanmar (1.7bn) and Iran (2.4 bn) or traditional trade partners Russia-1.9 bn and Canada-2 bn. India’s exports to Colombia ( 787 m) were more than the exports to some West European countries such as Austria, Ireland or Scandinavian countries. Guatemala had imported (243 m) more from India than some Central Asians and East European countries.

For those who think that it is very difficult for India to compete with the Chinese exports, here is another piece of information: India beat China in export of pharmaceuticals to Latin America. India’s exports were 651 million dollars in comparison to China’s 404 million in 2016. In fact, in the last five years, India has been exporting more pharma to Latin America than China. What is even more interesting is the fact that India imports bulk of its raw materials from China, converts them into finished formulations and exports them.

India’s trade with Latin America in 2016-17 was 30 billion dollars of which export was 10.4 billion and import 19.6 bn. 

Mexico was the largest destination of India’s exports with 3.5 billion.  Export to Mexico has increased by 21% from last year.

Latin America was the leading destination of India’s vehicle exports with a share of 23% of India’s global exports. Mexico continued to be the main buyer of Indian cars with 1.6 bn accounting for 25% of India’s global exports. Vehicle exports to Mexico have been steadily increasing in the last three years and the increase from last year was an impressive 39%. 

The collapse of TransPacific Partnership (TPP) following the withdrawal of US by the Trump administration is good for India. The TPP had extra clauses for patent protection going beyond the WTO standards and this would have affected India’s generic medicine exports to Latin America.

India’s exports could be doubled to 20 billion dollars in the next five years, if the exporters target Latin America more seriously and systematically

More in my blog


India and Chile expanded PTA operative from 16 May

Under the expanded PTA, signed in September 2016, Chile has offered concessions to India on 1798 tariff lines with Margin of Preference (MoP) ranging from 30%-100% and India has offered concessions to Chile on 1031 tariff lines at 8-digit level with MoP ranging from 10%-100%.

In the original PTA concluded in March 2006, India’s offer list to Chile consisted of 178 tariff lines the Margin of Preference (MoP) ranging from 10%-50% at 8-digit level and Chile’s offer list to India consisted of 296 tariff lines with MoP ranging from 10% - 100% at 8-digit level.


India beats China in Pharma exports to Latin America

India exported 651 million dollars of pharmaceutical products to Latin America as against China's 404 million in 2016. India has consistently beaten China in the last five years in pharma exports to Latin America

India's global export of pharmaceuticals are double that of China. In 2016, India's exports were 13 billion dollars, as against Chinese exports of 7 billion. India is the tenth largest pharma exporter in the world while China's rank is 16th. billion dollars while Chinese exports to US were just 1.1 bn in 2016.

India is the fourth largest supplier of pharma to US with 5.1 India leads China in exports to European Union as well. In 2016, India's exports were 1.56 billion dollars as against China's 1.36 billion. Even in Africa, where the Chinese have spoiled the market with massive credit and some non-transparent practices, India's exports to Africa were 2.8 billion dollars as against 618 million of China in 2016.

The success of the pharma exports should be an inspiration for Indian exporters of other manufactured products who complain about and suffer from Chinese competition.



India-Peru FTA negotiations to start in July in Lima

It has been agreed that the first round of negotiations would be held in Lima in July. Indian companies can give their inputs for promotion or protection of their interests can submit them to the Commerce Ministry.


Portal for b2b between Indian and Latin American companies

A young " passionate about Latin America" Indian living in Peru Utsav Sharan has started a portal to connect Indian and Latin American companies. Companies can make use of this commendable initiative.

Another useful website is run from Panama


Trade Data

source Ministry of Commerce of India (figures in million dollars).

 India’s trade in 2016-17 in million US dollars


Total trade

















































Costa Rica












El Salvador





Dominican    Republic





In 2016-17, Brazil was the largest trading partner with 6.5 billion dollars, followed by Mexico- 6.4 bn, Venezuela-5.6 bn, Argentina- 3 bn, Chile-1.9 bn, Peru-1.8 bn, Colombia-1.4 bn and Dominican Republic- 900 million.
India’s exports
Mexico was the largest destination of India’s exports with 3.5 billion, followed by Brazil-2.4 bn, Colombia-787 m, Peru-699 m, Chile- 676 m and Argentina-512 m. Export to Mexico has increased by 21% from last year while it has declined in the case of the other large markets such as Brazil, Argentina, Colombia, Peru and Chile.
Major exports of India

Equipments and machinery

Organic chemicals


Iron and steel

Chemical products

Synthetic fibres


Plastic items

Aluminium articles


Latin America was the leading destination of India’s vehicle exports with a share of 23% of India’s global exports. Mexico continued to be the main buyer of Indian cars with 1.6 bn accounting for 25% of India’s global exports. Vehicle exports to Mexico have been steadily increasing in the last three years and the increase from last year was an impressive 39%. Colombia, which was the number one buyer of Indian motorcycles came down to the third rank in 2016-17 with imports of 185 m, after Bangla Desh and Srilanka. Latin America had imported from India in 2016-17 motorcycles worth 354 million dollars, which was 25% of India’ exports to the world.
Major sources of imports were: Venezuela-5.5 bn, Brazil-4.1 bn, Mexico-2.9 bn, Argentina-2.5 bn, Chile-1.2 bn, Peru- 1 bn, Dominican Republic-675 m and Colombia-594 m.
Main imports: crude oil-9.5 bn, vegetable oil-2.9 bn, gold and precious stones-1.7 bn, copper 1.7 bn, raw sugar 1 bn ( imports mainly for refining and reexports to other countries) and wood-309 m.
The imports are set to increase given the growing demand for these items in India, driven by the increasing population and consumption as well as the high economic growth rate.

Outlook for 2017-18
The trade should go up next year with the recovery of the economies of the region in 2017. The GDP of Latin America had shrunk by 1.1% in 2015 and 0.5% in 2016. The GDP is expected to grow by 1.1% in 2017, helped by the recovery of global commodity prices. Except Venezuela, all the countries of the region have shown positive GDP growth. Even Brazil, which continues to suffer from political crisis, has turned around with positive growth this year. 
Latin America will continue to contribute to India’s energy security with supply of crude oil. The region has large reserves and the capacity to increase production and exports to meet the increasing crude imports of India. South America has started supplying pulses which India has been importing more and more with the growing gap between consumption and domestic production. 
The collapse of TransPacific Partnership (TPP) following the withdrawal of US by the Trump administration is good for India. The TPP had extra clauses for patent protection going beyond the WTO standards and this would have affected India’s generic medicine exports to Latin America.
The expanded Preferential Trade Agreement signed by Chile and India in 2016 has come into force from May 2017.  Peru and India have agreed to start negotiations for a FTA/ PTA and this should also help in boosting the trade with the region. 
Indian exporters should focus on the markets of Pacific Alliance (Mexico, Colombia, Peru and Chile) whose economies are growing more and whose trade policies are more stable, transparent and predictable with the least protectionism.
Latin Americans have started paying more attention to India especially after the arrogant and insulting remarks of Trump against Mexicans and his protectionist trade policies. They also want to reduce the over dependence on China which has used its dominance to hurt the region’s industries and given rise to other risks. They attach importance to India which has overtaken China in GDP growth rate and see India as a non-threatening trade partner in the long term.
India’s exports could be doubled to 20 billion dollars in the next five years, if the exporters target Latin America more seriously and systematically. 

India's trade in millions of US dollars















Brazil 2650 4040 6690   5964 5401 11365
Argentina 535 2472 3007   460 1992 2452
Venezuela 131 5702 5833   258 11978 12236
Paraguay 98 112 210   107 88 195
Uruguay 153 18 191   208 20 228
Pacific Alliance              
Mexico 2865 2283 5148   2862 3393 6255
Colombia 888 808 1696   1105 2135 3240
Peru 703 820 1523   820 590 1410
Chile 679 1961 2640   566 3081 3647
Bolivia 74 240 314   71 4 75
Ecuador 153 564 717   225 1066 1291
Cuba 54 1 55   37 2 39
Central America              
Panama 201 73 274   302 31 333
Guatemala 256 13 269   229 17 246
Nicaragua 83 4 87   66 2 68
El Salvador 69 6 75   62 10 72
Honduras 155 16 171   188 25 213
Costa Rica 135 62 197   96 155 251
Dominican Republic 175 479 654   141 291 432
total 10.05 19.7 29.7   13747 29298 43008


Major exports in 2015-16 in million US dollars

vehicles 2796
pharmaceuticals 995
organic chemicals 819
apparels 580
diesel 578
equipments and machinery 557
chemical products 457
fibres and filaments 446
Aluminium products 376
iron and steel products 363
cotton 312
iron and steel 308
plastic articles 301
dyestuff 271
electrical machinery 265


Major imports in 2015-16 in million US Dollars

crude 9310
vegetable oil 2923
ores( mainly copper) 2289
gold and precious stones 1875
sugar 606
electrical machinery 401
iron and steel 364
wood 284
equipments and machinery 196
organic chemicals 195


Trade upto 2014

Note: The information below are based on statistics from Latin American sources and Indian embassies


Trade upto 2013( figures in billion dollars)

2013 2012












India’s Exports

14 12












India’s Imports
















41 41













figures in million dollars

2013 2012






1) Brazil

9480 10620






2) Venezuela

14000 14407






3) Mexico

6380 6290






4) Chile

2877 3295






5) Argentina

1700 1837






6) Colombia

4180 2487






7) Peru

1300 1128






8) Ecuador

546 536






9) Paraguay

131 110






10) Uruguay

128 163






11) Costa Rica

133 122






12) Panama

82 176






13) Honduras

107 93






14) Dominican Rep.

85 434






15) Cuba







16) Guatemala







17) El Salvador 







18) Bolivia







19) Nicaragua







India´s  imports  from Latin American countries   2007-2013 in million US dollars

India imported from





2011 2012


1) Brazil





3200 5577


2) Venezuela





6653 14106


3) Chile





1965 2637


4) Mexico





1250 3340


5) Argentina





1210 1264


6) Peru





240 386


7) Colombia





616 1363


8) Paraguay





74 15


9) Bolivia







10) Costa Rica





25 32


11) Uruguay





20 18


12) Ecuador





24 93


13) Panama





28 19


14) Dominican Rep.





3 86


15) Honduras





2 15


16) Cuba





6 7


17) Guatemala







18) Nicaragua 







19) El Salvador







Indian imports from Latin America

Petroleum crude, copper, soy oil, sunflower oil, minerals, sugar, ethanol, precious and semi precious stones, agro products, leather, wool, metal scrap, wood, equipment and machinery, aircrafts (from Brazil), wine and fresh fruits.

Petroleum crude, edible oil and copper are the top three items accounting for over three fourths of the total imports from Latin America. Imports of these three items are expected to increase in the coming years in view of the growing gap between demand and domestic production in India.

Latin America has become a new regular source for India´s crude oil imports in the last ten years and crude oil is the leading item of India´s imports from the region.

Given the discovery of large new reserves in Brazil, the growing investment of Indian companies in the region and the increasing domestic demand , Indian imports are set to increase in the future. The Latin American oil exporters are keen to supply to India since their traditional market US is reducing imports thanks to the increasing domestic production after the fracking revolution in shale oil and gas.

Argentina is the major source of edible oil and it is followed by Brazi.

Copper is the predominant item of India´s mineral imports from Latin America. Most of it comes from Chile in the form of copper concentrates.

Import of Embraer aircrafts from Brazil - Feb 2014

The Hyderabad-based airline Air Costa has placed orders for 50 Embraer aircrafts worth 2.94 billion dollars. Air Costa has started operations since October 2013 with 2 leased Embraer aircrafts.

The government of India as well as some charter operators have also bought Embraer aircrafts

Import of gold

India has started importing gold from Latin America directly. Earlier it came through swiss and multinational companies. Peru, Bolivia, Ecuador, Nicaragua, Colombia and Honduras have started the supplies directly. India imports gold dore bars and refine them in India. In 2014-15 Peru supplied gold worth 270 million dollars and Bolivia 160 m$

India´s exports to Latin America

Chemicals, bulk drugs, pharmaceuticals, diesel oil, automobiles, tractors, auto parts, two and three wheelers, equipments and machinery, medical and scientific instruments, hand tools, machine tools, optic fibers, blank CDs amd DVDs, tyres, electrical items, leather products, plastic products, sports items, spices, ayurvedic and herbal products, textiles, handicrafts and  incense sticks.

India's single largest export is diesel. Other major exports: vehicles and parts, pharmaceuticals, chemicals iron and steel products, equipments and machinery, rubber and plastic products and textiles.

Bajaj sells its two and three wheelers in Mexico, Central America, Colombia, Peru, Bolivia, Chile, Argentina, Ecuador .

Hero MotoCorp launched its range of two-wheelers in Guatemala, El Salvador and Honduras, in partnership with Indy Motos Group of Guatemala. They have also launched their products in Peru.

Mahindra has sold 12000 vehicles in Latin America in fiscal 2012-13 to Chile, Brazil, Peru, Uruguay, Paraguay, Colombia, Ecuador & the Central American markets. They are intensifying their marketing to increase the sales in the coming years.

Mahindra, Sonalika, TAFE and Escorts are exporting tractors to the region

Royal Enfield has started retail operations in Colombia with the opening of two exclusive stores in Bogota and Medellin - February 2015

Indian Diamond business establishes presence in Panama Diamond Exchange - May 2015

About fifteen Indian diamond and jewellery firms such as Rosy Blue, Kiran Gems, Diarough (NV), Bhavani Gems, Interjewel, Jewelex, M Suresh and Niru Group have purchased office space at the Panama Diamond Exchange (PDE) which opened on April 30, 2015 and the upcoming World Jewellery Hub (WJH) to cater to the Latin American market. After Dubai and Antwerp, Surat and Mumbai-based diamantaires are eyeing a big chunk of the $8 billion diamond market in Latin America. ThePDE complex is located in the Vaguil Free Zone for international gem and jewelry trade, and exempts transactions conducted within its area from payments of customs duties and taxes, and corporations registered in the Free Zone from paying company tax.

Mahindra Shublabh exports grapes from Peru to Europe and US

Mahindra has exported 2 containers from Piura in Peru and hope to increase exports to 50 containers. They find similiarities between the grapes grown in Nasik and Piura. The company is already exporting grapes from India and Egypt and plans to become a major global player.

Helicopter exports

HAL has exported seven Dhruv helicopters to Ecuador Air Force. Unfortunately 4 of them have crashed. Negotiations are going on to settle this issue.


India’s exports to Latin American countries  2007-2011 in million US dollars

India exported to





2011 2012


1) Brazil





6000 5043


2) Mexico





2385 2950


3) Colombia





976 1124


4) Argentina





467 658


5) Peru





510 742


6) Chile





400 658


7) Venezuela





198 301


8) Ecuador





160 443


9) Paraguay





78 95


10) Uruguay





86 145


11) Costa Rica





133 90


12) Panama





96 36


13) Honduras





55 78


14) Dominican Rep.





115 348


15) Cuba







16) Guatemala





138 127


17) Nicaragua 





52 75


18) El Salvador





39 67


19) Bolivia








Mexico has emerged as the top destination of India's exports to Latin America in 2016

Mexico has emerged as the top destination for India's exports to Latin America with a record high of 3.38 billion US dollars in 2016 (January- December).

For those Indians who think that Mexico is too far and less important for India's trade than the neighbors or the traditional trade partners, here are the statistics to open their eyes: India's exports to Mexico in 2016 are more than its exports to the neighbors such as Indonesia –3.13 bn, Thailand-2.96 bn, Iran-2.41 bn and Myanmar-1.13 bn; and more than to the traditional partners: Russia-1.81 bn, Canada-1.97 bn, Australia-2.95 bn, South Africa-3.24 bn, Spain-3.36 bn, and Egypt-2.09 bn.

While India's exports to Latin America as a whole have declined in 2016, it is heartening to note that the exports to Mexico have increased by an impressive 22 percent from last year (2.77 bn) and doubled from 1.56 bn in 2012. In Latin America, Mexico has overtaken Brazil (2.3 billion dollars) in 2016 as the largest market for India's exports.

What is even more interesting is that Mexico has emerged as the biggest market for India's vehicle exports which amounted to 1.83 bn increasing by an incredible 56% from 2015 (1.17 bn), 83 % from 2014 ( 1 bn) and from a mere 397 m in 2012.

The Indo-Mexican trade of 5.82 billion dollars in 2016 have the potential to reach 10 bn in the next five years. After Trump's trade threats, Mexico seeks to reduce its over dependence on the US market and diversify its trade with large markets such as India. This is, therefore, an opportune time for India to intensify its trade promotion with Mexico, including signing of an FTA.

More in my blog..

An edited version appears in Business Line


India's trade with Brazil declines again in 2016

India's trade with Brazil has gone down by 28 % reaching USD 5.6 billion in 2016 (January to December) from 7.90 billion in 2015 after reaching a peak of 11.4 billion in 2014. India' exports declined by 42% to USD 2.48 billion while imports went down by 12% to USD 3.16 billion from the previous year.

But the good news is that the Brazilian economy is resuming growth in 2017, the commodity prices are going up and the political situation has become better under the pro-business government of President Temer. Next year should see growth in the bilateral trade.

More in my blog

India: Long term bet for Latin America's exports

Many Latin Americans assume that India is less important for their exports than their traditional European partners such as Germany and France. Wake up..amigos. India was the third largest destination for Latin America's exports in 2014. The region exported 29 billion dollars of goods to India, while its exports to Japan and Spain were 21 billion dollars each, Germany-17 bn, Italy and UK-11 billion each and France-8 bn. In 2015, India was the number one destination of Latin America's vegetable oil exports, third largest for crude oil and copper and the fourth for gold.
India has to increase its imports of these items in the future both globally and from Latin America in view of the of the growing gap between domestic demand and production.

Latin America has started exporting finished goods to India and using India as a base for the Asian and global markets. If Latin Americans do a serious and sustained 'Focus India' strategy similar to the successful 'Focus Latin America and Caribbean' programme of India in the last two decades, there is tremendous scope to increase their share in the imports of India, which promises to be a large long term bet for Latin America.

More in the article published by Latinvex, an online publication based in Miami


Mexico has overtaken Brazil as the largest destination of India's exports in Latin America.

For the first time ever, Mexico has overtaken Brazil as the top destination of India's exports to Latin America. Exports to Mexico were 2.865 billion dollars in 2015-16, while the exports to Brazil were 2.65 billion.

India's trade with Latin America declined by one third to 29.7 billion dollars in 2015-16 from 43.4 billion in 2014-15. While India's exports have decreased by 27 %, the imports have also gone down by 33% to 19.7 billion from 29.3 billion in the previous year.

For those Indian businessmen who still harp on the distance factor, here are some eye-openers:
--India's exports to the remote Guatemala ( 255 million $) is more than the exports to the neighboring Cambodia (143 m). Both have populations of 15 million each.
-India's exports to Mexico (2.86 bn) are more than the exports to Indonesia (2.84 bn), Myanmar ( 1 bn), Russia ( 1.6 bn), Canada (2 bn) and Egypt ( 2.3 bn).
-India's trade with the distant Brazil ( 6.7 billion $) is more than the trade with Bangladesh (6.4 bn), Srilanka (6 bn), Russia (6.1 bn), Canada ( 6.2 bn) and Spain (4.8 bn). This is even after the 41% fall in the trade with Brazil which was 11.4 bn in 2014-15.

More…in the blog


Latin America: a growth area for Indian pharma exports

India's billion dollar pharma export to Latin America in 2015-16 is creditable in the context of the disheartening news headlines from Latin America about the Venezuelan crisis, the Brazilian presidential impeachment and the regional GDP contraction of 0.4% in 2015 which is projected to worsen to 0.6% in 2016. It is even more encouraging to know that exports to 16 out of the 20 countries have shown increase from last year.

India's pharma exports are set to continue to grow in the coming years in view of the expected recovery of the economies, the growth in pharma sales and imports predicted for the region as well as the rise in the use of generic drugs



Latin American contribution to India's energy security

Latin America has become a regular new source for India's imports of crude oil in the last fifteen years holding 19% share in India's global imports of 189 million tons . It was Reliance which opened Latin America as an import source in 2000.

India's import of crude is projected to reach 7.2 million bpd from 3.7 m in 2014 and import dependency to go up from 70% of demand in 2014 to 90% in 2040.

It is India's strategic policy to reduce the over dependence on the politically unstable Middle East and diversify its crude import sources. This Indian objective fits in with Latin America's own strategy to cultivate India as a market for its crude exports.



Project and equipment supply contracts

Suzlon Energy Ltd has completed installing and commissioning 350 MW of wind energy in Brazil over a period of 16 months ended November 2014 in the high wind states of Rio Grande do Norte and Ceara in Brazil. Suzlon entered the Brazilian market in 2006 and has since created a cumulative installed capacity of approximately 750 MW. The earlier projects of approximately 400 MW are also located in the state of Ceara. As a rule of thumb, a wind turbine costs Rs.6 crore to Rs.6.5 crore per MW.

Suzlon is investing over 20 million dollars to set up a unit in Brasil to focus on Latin America. Brasil is already the third largest market for the company, behind India and the US. Suzlon wants Latin America to generate 20% of its business by late 2016. Brazil responded for $800 million in sales in 2013, or 10% of all revenue. They have supplied 185 turbines to a dozen projects in Brazil.

The company says it's prospecting 400 megawatts of new contracts in Chile, Uruguay and Mexico.

In October 2013 Suzlon had got an EPC contract for a 65 MW windpower project in Colonia, Uruguay, jointly developed by Electrobras of Brazil and Uruguayan power utility RTE. The project is to be completed byseptember 2014

Suzlon has 122 employees in Brazil and 7 in Uruguay, as on February 2016. It plans to increase its energy output to 2GW in the next 5-7 years.

Suzlon has established wind energy frams in Nicaragua with a capacity of 63 MW.

Confident Engineering co of Coimbatore has done waste water treatment projects in Peru, Colombia, Dominican Republic and Guatemala. They continue to get more orders in the region, thanks to their proactive Peruvian agent.

Crompton Greaves got an order in May 2015 to supply switch gear equiments. The order is from ANDE ( Administracion Nacional de Electricidade), the government Electricity company of Paraguay. Crompton Greaves has supplied equipments worth 25 million dollars to ANDE in the last two years and got these contracts through international bidding under World Bank funding.

Larsen and Toubro had supplied pipes for oil and gas projects in Brazil

Skipper gets export orders of 66 m $ to supply transmission equipments to Colombia- April 2015

Skipper Ltd from Kolkatta has got this order for supply of 500kv transmission towers. They have also exported to Chile and Peru earlier. Their exports are over 60 million dollars.


Praj has established its presence in ethanol projects in 9 countries in Latin America

The Pune- based Praj has done 18 ethanol project contracts in Colombia(6), Peru(3), Mexico(2), Bolivia, Argentina(2), Nicaragua(2), El Salvador, Guatemala(2) and Costa Rica.

They have supplied technology and equipments to these projects.

In January 2013 Praj got its seventh project in Colombia valued at 20 million dollars. Riopaila Castilal is the client this time. The project is to build a 400,000 litre a day ethanol plant at La Paila in Valle de Cauca region of Colombia. Praj has recently commissioned a 150,000 liters per day corn-to-ethanol plant for Vicentin SAIC in the Santa Fe province of Argentina.

Praj secures a prestigious contract with Petrobras - November 2014

Praj of Pune has got a 40 million dollar order for supply of processing systems and equipments to Petrobras of Brazil.

VNL has supplied telecom equipment for projects in Peru and Bolivia

Skipper has exported power transmission equipments to Colombia, Peru and Chile.

Larsen and Toubro and Thermax have exported engineering equipments to Brazil and some other countries.

Sterlite Power Grid of India won one of the largestBrazilianpower transmission line project in the auction held in December 2017. It is valued around 850 million dollars. It is a 1,000-km line running through the northern states of Pará and Tocantins. The licenses include a 30-year contract to operate the lines, with pre-defined annual revenues coming from the tariffs to be charged for the service.

This is their second big win. Earlier in April they won a contract worth USD 150 mn. They are active, in Brazil, since 2013. They have a cable manufacturing facility, USD 7mn, in Curitiba.

Sterling and Wilson of India from Shapoorji and Palonji Group has already got a 6MW solar project in Brazil and is pursuing opportunities in Argentina, Mexico, Chile and Honduras besides other countries. It has an office in Sao Paulo and another in Lima.


Investment, projects contracts and joint ventures

Indian companies including NRI firms have invested about 15 billion dollars in the region in IT, pharmaceuticals, agro-chemicals, steel, mining, agribusiness and other sectors. More investment is expected to flow in the coming years as a number of Indian companies have shown interest in entering the region.

Information Technology

Indian IT companies have established software development centres, BPOs, KPOs and Call Centres in fourteen countries (Argentina, Brazil, Chile, Uruguay, Mexico, Colombia, Peru, Venezuela, Ecuador, Panama, Costa Rica, Nicaragua, Dominican Republic and Guatemala) of the region employing 25,000 Latin Americans. The Indian companies have developed a new near-shore business model of 12/12 in which they service their North American clients for 12 hours from the same time zone operations in Latin America and the remaining 12 hours from India. The Indian companies leverage the multilingual skills of Latin Americans who speak Spanish, Portuguese and Italian to service European clients. They use the Latin Americans to reach out to the 40 million strong Hispanic market of US. The Indian companies have also got contracts from local Latin American companies.

TCS is the pioneer and has the largest presence in the region with Global Delivery Centres in eight Latin American countries employing 15000 local staff in Chile (2000), Brazil (2000), Uruguay (900), Mexico (7000), Colombia (300), Argentina (300), Peru and Ecuador. TCS plans to open its ninth centre in Costa Rica.
The major local contracts of TCS are a 200 million dollars contract with ABN Amro Bank in Brazil, a 140 million dollars contract from Banco Pichincha of Ecuador, and a $200 million contract from the Social Security Institute of Mexico (IMSS). TCS has established a Regional Training Centre at Montevideo in Uruguay.

Aegis, which is part of Essar Group, had acquired an Argentine BPO ¨Action Line¨ in 2010 with 5000 staff.  This is the largest Indian BPO in Latin America. It has centres in Buenos Aires, Cordoba, Tucuman and Bahia Blanca. They have another centre in Costa Rica with 450 staff. Aegis opened a centre in Peru in 2012 which has 800 staff in 2014. But Essar has sold Aegis, along with its Latin American operations to a private equity firm in April 2017.

Infosys- has set up Global Delivery Centres in Mexico, in Belo Horizonte and Araraqua in Brazil, in Argentina and a BPO in Costa Rica.They also have operations in Colombia. They have a total lof 2000 staff in Latin America. Infosys employs roughly? 950 to 1000 people in Mexico, mostly in Monterrey but some in Mexico City as well. Infosys Mexico gets 35% of its business from US and 65% from Mexico and LatAm.

Wipro has presence in 8 major cities across Brazil, Mexico, Colombia, Chile and Argentina with Sales offices in Sao Paulo (Brazil), Rio de Janeiro (Brazil), Mexico City (Mexico), Buenos Aires (Argentina), Santiago (Chile), and Bogota (Colombia) and Development Centers in Curitiba (Brazil-530 staff), Sao Paulo (Brazil), Buenos Aires (Argentina), Mexico City (Mexico-100 staff), and Monterrey (Mexico). It has acquired a Brazilian company InfoServer (in April 2017)which provides custom application development and software deployment services especially for banks. Approximate cost of this acquisition 9 million dollars.

Tech Mahindra – has 900 Brazilian employees in its centres in Sao Paulo and Londrina in Brazil. In February 2013 it acquired Complex IT, a Brazil-based SAP consulting provider which has about 500 employees and focuses largely on the enterprise resource planning (ERP) market in Brazil. The company has started operations in Mexico from May 2014. It has later acquired a Colombian company LeadCom which has presence in nine Latam countries besides in Africa.

Mahindra Comviva acquired majority stake in January 2016 in Advanced Technology Solutions(ATS) an Argentine IT company which provides mobile software and solutions to telecom companies in many countries of Latin America. With this acquisition, Mahindra expects Latin America to contribute 15% to its global revenue in the next three years. Mahindra Comviva is a subsidiary of TechMahindra which already has operations in Latin America.

HCL has opened IT centres in Brazil ( 315 staff in Sao Paulo and Port Alegre) and Mexico ( 70 staff).

Genpact has BPO operations in Brazil, Mexico and Guatemala and has opened a new centre in Colombia in October 2011.

Patni Computer has a centre in Queretaro, Mexico and another one in Campinas in the state of Sao Paulo.

Cognizant has five Delivery Centres in Latin America in Buenos Aires, Sao Paulo, Mexico city, Jalisco and San Jose. The biggest operations are in Argentina with 200 staff. The latest centre was inagurated in San Jose, Costa Rica on 19 December 2013.

24/7 from Bangalore has BPOs in Guatemala and Nicaragua employing 3500 local staff.

Crisil/Irevna has set up a KPO unit in Buenos Ares for equity research with 80 Argentine staff.

Copal Partners the financial research company has established an office in Buenos Aires in the second half of 2010.

E-Valueserve has a KPO unit for financial research services in Chile, with 70 staff.

Cellent has a joint venture centre in Argentina in mobile software

Amba Research has a KPO in Costa Rica with 100 staff

WNS has a centre in Costa Rica with 300 staff

IDHASOFT has a BPO in Costa Rica with 50 staff.

CSS has a call centre/BPO in Costa Rica with 50 staff

Iflex (now Oracle) has got contracts for banking solutions worth 40 million dollars in Chile, Panama, Mexico and Venezuela and other countries in the region. It has an office in Santiago.

Geodesic Ltd has acquired a Uruguayan mobile phone software company (40 staff) in Montevideo in 2009.

Hexaware Technologies has acquired a Mexico-based IT company Fox Frames for 34 million dollars to expand its software testing business. It has operations in Brasil too.

Polaris Software has opened a centre in Santiago, Chile since May 2009.

Sutherland has a BPO in Fortaleza with 60 Brazilian staff. They already have a centre in Bogota with 1600 staff and are planning to open in other cities such as Medellin and Barranquilla in Colombia. They also have a plan toopen a BPO in Lima, Peru

UST Global, a Trivandrum-based IT company has opened a centre in Leon in Guanajuato, Mexico in July 2012 with ten staff. It plans to increase the staff strength to 80 by end 2012. The Mexican centre would provide near-shore service to its north american clients. The company plans to extend its operations to other Latin American countries and employ 5000 Latin Americans in the coming years both for outsourcing operations as well as to service Latin American companies. UST Global has a partnership with Fox Centre( former President Vicent Fox) in Mexico. Fox visited the Trivandrum office of UST Global in September 2012 and his Fox Centre is facilitating the entry of the company in Latin America.

Manthan Systems, a provider of Business Intelligence and Analytics solutions for the retail and consumer goods sectors has centres in São Paulo and Londrina in Brazil.

Mann India Technologies has operations in Venezuela, Panama, Dominican Republic, Ecuador and Costa Rica.

KPIT Technologies of Pune has 3 centres in Brazil ( Sao Paulo,Porto Alegre and Rio de janeiro) employing 120 Brazilian professionals.

Hindujas Global Solutions have global delivery centres in Bogota and Barranquilla and plan to open in Mexico.

Redbus, the online bus ticket booking company of India has acquired ( in July 2016) majority stake in Peruvian company Busportal. The Peruvian co-founderswill continue to lead the operations in Peru and explore expansion to other countries such as Colombia and Chile

Zensar Technologies from Pune has got a contract to work with Unicomer group based in El Salavador. Zensar will upgrade the Oracle business systems of Unicomer, Group which is a large multinational retail firm with 1000 stores in 24 countries.

Practo, an online platform that connects patients with doctors, has launched its services in Brazil, the largest market in Latin America, starting with the city of Sao Paulo. Practo will introduce two of its services - Practo Search and Practo Ray in Brazil and will be available in two languages - English and Portuguese. At launch, the company will have over 5,500 doctors listed on its platform, covering 50 per cent of all clinics in Sao Paulo. Practo now has a presence in 15 countries

APTECH, NIIT and TATA Infotech had collaborated with Colombian universities and private companies to establish about 20 IT education centers in several Colombian cities. APTECH had training centres in Brazil, Mexico, Peru and El Salvador. Aptech has a jv with Falgo group in Brazil.



Indian companies have established manufacturing units in Brazil, Mexico and Argentina and have marketing offices in other countries.

Ranbaxy was the first to break into the region with investment in Brazil in the nineties. They have a turnover of 50 million dollars in Brazil.

Dr.Reddy's Labs has bought a pharma plant for 60 million dollars in Mexico in 2006.

Lupin announced on 27 March 2014 that it has acquired Grin Laboratorios of Mexico which had revenues of 28 million dollars in 2013. Grin specialises in opthalmic products. In May 2015, Lupin has acquired 100% stake in the Brazilian pharma company Medquimica whose revenue in 2014 was 31 million dollars. Medquimica, which has 550 employees, is one of the fastest growing companies in branded generics.

Torrent has a Brazilian subsidiary with 300 Brazilian employees and a business of over 100 million dollars.

Zydus Cadila  has acquired a Brazilian company Nikho, which has a turnover of over 60 million dollars.

Glenmark has taken over an Argentinian Pharma company “Servycal SA” in 2005 and has set up a new plant for oncological products. It has also invested in a new facility near Sao Paulo and has a turnover of 40 million dollars. It has a subsidiary in Dominican Republic.

Cellofarm (Strides Arcolab) has two factories in Brazil, one in Vitoria, Espirito Santo and another in Campos, Rio de Janeiro. They have over 40 million dollars business.

Manish Pharma has acquired companies in the states of Sao Paulo and Santa Catarina in Brazil.

Cipla has presence in Brazil and is in the process of forming a subsidiary

Claris Lifesciences has a local subsidiary in Brazil

IPCA Labs has production facilities in Brazil and an office in Colombia.

Aurobindo has invested in a warehouse facility in Anàpolis, Brazil.

Unichem, Intas and Sunpharma have established subsidiaries in Brazi

Emcure, the Pune-based pharma company signed a 50:50 joint venture agreement with the Brazilian company Biolab( turnover 660 million Reais) on 14 June2012 in Sao Paulo. The Indian company will transfer technology and supply new molecules to the JV called as Biolab Emcure which will operate from Taboao de Serra in Sao Paulo state.

Caplin Point has a set up a regional office for supply of pharmaceuticals in Guatemala and branches in El Salvador, Honduras, Nicaragua, Haiti and Dominican Republic

Biocon has entered into an agreement with Laboratorios PiSA SA de CV (PiSA) of Mexico for the co-development of generic recombinant human insulin (rh-insulin) for the US market. This collaboration is a part of Biocon’s strategy to address the large demand for generic rh-insulin in the US, which accounts for over 40 percent of the global sales of $ 5 billion. The company has technologicalcollaboration with Cuba for production of some biotech products in India.


Shree Renuka Sugars Ltd has invested 500 million dollars in the acquisition of two Brazilian sugar groups:
a) Brazil's Equipav SA Acucar e Alcool which owns two large sugar mills (10.5 million tons annual capacity) with integrated co-generation facilities (203 MW) and 115,000 hectares of cane growing land in southeastern Brazil.
b) Vale Do Ivai S.A. Acucar E Alcool with its two sugar and ethanol production facilities in the state of Parana, with a combined cane crushing capacity of 3.1 million tonnes a year and 18000 hectares of land.
With these Brazilian acquisitions, Renuka has become the seventh largest sugar producer in Brazil. However, the company has been suffering losses and declared bankruptchy in September 2015.

Renuka Brazil has declared bankruptchy in september 2015 due to excessive debt and losses in operations

Sterling Group has bought a 2000 hectare olive farm in Argentina.

Ishka Renewable Farms Private Lt, Kerala signed a joint venture with Cooperative Alcaparras Argentinas to cultivate 1,000 acres of capers in the next 10 years in the Argentine province of Santiago del Estero Argentina.

UPL has 60, 000 hectares of leased land in Brazil, which came with their acquisition of an agrochemical firm. UPL is planning to grow pulses in this land for supplies to India.


United Phosphorus Ltd (UPL) of Mumbai has acquired two Argentine agrochemical companies and a seed company Advanta. Their business turnover is around 100 million dollars. In 2008, UPL bought a Colombian agrochemical company EvoFarms.

UPL announced on 25 July 2011 that it has invested 150 million dollars and acquired 51 per cent stake in Brazilian firm DVA Agro Do Brasil (DVA Agro Brazil).

DVA Agro Brazil, with a net revenue of $ 130 million in 2010, is in the production and marketing of crop protection products. It has a formulation plant in Brazil and is undergoing expansion.

In March 2015 UPL acquired 40% stake in the the Mato Grosso-basedagrochemical company SinAgro which has 20 stores focused on the distribution of pesticides, seeds and fertilizers, and storage capacity of 408,000 tonnes

The turnover of UPL in Brazil has reached almost a billion dollars by end 2016, exceeding its business in India which is around 600 million dollars.

Punjab Chemicals and Crop Protection Ltd (PCCPL) has acquired an Argentine company “Sintesis quimica”, which has 2 agrochemical factories and turnover of 50 million dollars. Due to financial and other problems, Punjab is trying to sell off their Argentina operations.

IFFCO has invested 25 million dollars in Americas Petrogas, a Canadian company, which has oil and gas projects in Argentina and a potash mine in Peru. IFFCO is working on the potash project in Peru, as part of their global fertiliser production strategy. They are planning construction of a potassium chloride plant in Bayóvar (Piura) which will involve an investment of 200 milion dollars. IFFCO is also considering a Urea production plant based on the gas produced by Americas Petrogas in La Pampa province of Argentina.

Naq Global, an Indian manufacturer of fertilizer additives, is planning to expand its production in Brazil in the hope it will help increase local revenue five times by 2017, to $500 million. Brazil's sales currently generate 20% of the Mumbai-based company's global revenue of $500 million. With local operations since 2005 and one factory in Porto Alegre, Rio Grande do Sul and another in Uberaba, Minas Gerais, the company will also begin operating next year another factory in Minas Gerais and a fourth in Rondonópolis, Mato Grosso. The Brazilian production is geared mainly to Colombia, Argentina, Chile and Mexico.

EID Parry has acquired ( April 2014) Alimtec SA, a Chilean manufacturer of nutraceuticals, which belonged to Bayer. EID Parry will export the products of Alimtec to its US subsidiary

Camlin Fine Sciences from Mumbai has acquired 65% stake in Mexican chemical firm Dresen Quimica for $7.8 million. Dresen is engaged in manufacturing and distributing specialty intermediate chemical solutions used by the feed, food and other industrial products. Dresen has operations in five countries including Mexico, Guatemala, Peru, Colombia and Dominican Republic. Camlin's Brazil operations began in 2014 through their 100% subsidiary company CFS do Brasil Ltda with production of antioxidant blends for food applications.


OVL (ONGC Videsh Ltd) has invested close to 1.1 billion dollars and has got 27% stake in the BC-10 off-shore oil fields near Vitoria Town. The remaining 73% stakes are owned by Shell who operates the field. Block BC-10, also known as Parque das Conchas, is in the Campos Basin of Brazil and includes four offshore deep-water fields - Ostra, Abalone, Argonauta and Nautilus - and a few identified exploration prospects. The water depth in the block ranges from 1,500 to 1,950 meters and it is located about 120 km from Vitoria town. The field is producing 50,000 bpd.

In october 2013, OVL has paid $ 529 million and bought an additional 12 per cent stake in a Brazilian oilfield for $529 million. OVL already had a 15 per cent stake in block BC-10 along with Royal Dutch Shell and exercised a pre-emption right to block China's Sinochem Group from buying a 35 per cent interest in the oilfield from Petrobras of Brazil. Block BC-10, also known as Parque das Conchas, is in the Campos Basin of Brazil and includes four offshore deep-water fields - Ostra, Abalone, Argonauta and Nautilus - and a few identified exploration prospects. The water depth in the block ranges from 1,500 to 1,950 meters and it is located about 120 km from Vitoria town. The licence for the fields expires in December 2032.

OVL, which has a 11% stake in Venezuela's $ 20 billion Carabobo-I oil project (that will produce 400,000 barrels per day of oil (20 million tonnes) in four years) is looking at buying a similar stake that Malaysia's Petronas has decided to give up in the project. OVL currently has stakes in two producing projects in Venezuela, Petro-Carabobo and Petro-Indovenezolana with investments of about $341 million

OVL is part of a consortium in the exploration and production of oil from Carabobo-1 project in the Orinoco region of Venezuela. The other Indian members of the consortium are Indian Oil Corporation and Oil India Ltd. The Indian companies have 18% share while Repsol and Petronas have 11% each and the Venezuelan state oil company has 60% share. The Indian investment in this project is 2.18 billion dollars. The field will start producing 400,000 bpd of which the Indian consortium is entitled to 72,000 bpd for 25 years. OVL also has another joint venture with PDVSA for exploration and production of oil in the San Cristobal oil field.

In Colombia, OVL has acquired a producing field (30,000 bpd) in a 50:50 joint venture with Sinopec. OVL investment is 600 million dollars in this jv company called as Manasarover Energy Colombia Ltd. OVL has also taken exploration rights for some offshore oil blocks in Colombia.
OVL has offshore oilfield concessions in Cuba on its own as well as separately as part of a consortium lead by Repsol.

In September 2014 OVL signed a MOU with Pemex of Mexico for cooperation in upstream part of oil sector

OVL is exploring opportunities in Ecuador and Argentina.

full information on OVL's investment in Latin America

Bharat Petro Resources, subsidiary of BPCL, along with Videocon International have acquired ten blocs in Brazil valued at US$ 280 million. The Indian consortium has 40% in these blocks and Petrobras 60%. They have alreay struck oil in some of the blocks.

Reliance has pulled out from its ventures in Peru and Colombia. It is however on the look out for assets.

Reliance Industries has signed a MOU( December 2014) with Pemex for joint exploration and production in Mexico as well as for ventures in thrid countries. Reliance is said to be interested in acquiring a Mexican oil field.

Assam company has entered into a Farmout Agreement with Sismopetrol and R3 in Colombia for exploration and production of an oil block known as ANH EL Triunfo located in Casanare in Colombia. The block size is 10,200 hectares and contains one discovered well (La Cabana). Assam Company has 70% Participating Interest in the said Block with Sismoperrol holding 30% Participating Interest.

Joshi Technologies International has an oil field in Colombia which produces 5000 bpd

Gammon India Ltd has established a subsidiary company Campo Puma Oriente SA ( based in Panama ) which operates the Puma oil fields in Ecuador which consists of eleven wells with proven reserves of 8 million barrels. So far, they have drilled seven wells which produce 1,500 bpd. The contract for the 20-year lease of Puma fields was signed in March 2008.
The Puma field investment is a joint venture with Joshi Technology International of USA. Gammon has 66.4% and Joshi 33.6%. The joint venture company in Ecuador is called as Consorcio Pegaso They have invested 50 million dollars till December 2010 and plan to invest 51 million dollars more in the next five years.
Joshi company, founded by Dr Joshi produces 5000 bpd of oil in Colombia. They also have oil fields in India and USA.
The Puma block is in the orient basin located 400 km from the capital Quito. The block has an area of 166 sq kms.

South America is becoming a player in the global petroleum market. Brazil has discovered large new reserves of oil and is set to become a significant exporter. Venezuela is already the Saudi Arabia of the region with its reserves of over 200 billion barrels. Mexico, Ecuador, Argentina, Colombia and Peru are the other oil producers with significant oil reserves.

Argentina has the second largest shale oil and fourth largest shale gas reserves in the world. Investment has started in 2013 to exploit these new resources. Brazil and Mexico too have shale reserves.

In the non-conventional energy sector, Brazil has emerged as a global pioneer and leader in fuel ethanol and more countries in the region are following their lead. Argentina is the leading exporter of biodiesel produced from soya.

Many projects are coming up in the arid areas of Brazil, Argentina, and Paraguay as well as in Central America and Caribbean to grow jatropha for biodiesel. Indian companies can enter this sector for investment and joint ventures.

Renewable Energy

Suzlon Energy Ltd has completed installing and commissioning 350 MW of wind energy in Brazil over a period of 16 months ended November 2014 in the high wind states of Rio Grande do Norte and Ceara in Brazil. Suzlon entered the Brazilian market in 2006 and has since created a cumulative installed capacity of approximately 750 MW. The earlier projects of approximately 400 MW are also located in the state of Ceara. As a rule of thumb, a wind turbine costs Rs.6 crore to Rs.6.5 crore per MW.

Suzlon is investing over 20 million dollars to set up a unit in Brasil to focus on Latin America. Brasil is already the third largest market for the company, behind India and the US. Suzlon wants Latin America to generate 20% of its business by late 2016. Brazil responded for $800 million in sales in 2013, or 10% of all revenue. They have supplied 185 turbines to a dozen projects in Brazil.

The company says it's prospecting 400 megawatts of new contracts in Chile, Uruguay and Mexico.

In October 2013 Suzlon had got an EPC contract for a 65 MW windpower project in Colonia, Uruguay, jointly developed by Electrobras of Brazil and Uruguayan power utility RTE. The project is to be completed byseptember 2014

Suzlon has 122 employees in Brazil and 7 in Uruguay, as on February 2016. It plans to increase its energy output to 2GW in the next 5-7 years.

Suzlon has established wind energy frams in Nicaragua with a capacity of 63 MW.

Sterling and Wilson of India getting EPC contracts in solar energy projects in Latin America

This Shapoorji and Paloonji group company has already got a 6MW solar project in Brazil and is pursuing opportunities in Argentina, Mexico, Chile and Honduras besides other countries. It has an office in Sao Paulo.

Mining and Minerals

Aditya Birla Group has acquired three aluminium plants in Pindamonhangaba, Ouro Preto and Aratu in Brazil. These were acquired as part of the purchase of the global assets of Novelis. It has mining rights to bauxite reserves in Ouro Preto, Cataguases and Crangola regions.
The group has also two carbon black plants in Cubatao and Bahia in Brazil, acquired from Columbian Chemicals of US.

The total annual turnover of the three Aluminium plants and two carbo black plants were 1.8 billion dollars in 2013.

Tega Industries Limited has acquired a Chilean company Acotec S.A in  Feb 2011. Acotec is a $35 Mn company providing products and solutions for abrasion, corrosion and fluid transportation systems to the mining industry in Chile, Peru, Argentina and Bolivia.

Jindal has acquired a iron ore mine in northern Chile for 53 million dollars

Essar group has an iron ore concession in Amapa, in northern Brazil.

Arcelor Mittal has steel plants in Mexico, Trinidad and Tobago, Argentina and Brazil. They have acquired steel-finishing and distribution companies in Argentina, Uruguay and Costa Rica.

Zuari Industries Limited of KK Birla Group and its JV partner Mitsubishi Corporation has acquired 30% stake in Fosfatos del Pacifico SA, Peru (Fospac) for $46 million through the Singapore-based JV company - MCA Phosphates Pte Ltd. The mine is located in Bayovar area in the province of Pieura, Peru and is expected to have an initial production capacity of 2.5 Mn Metric Tons.

Ispat Group is in the process of acquiring concessions for iron ore in Brazil and for coal in Colombia.

NALCO has announced plans to invest in copper mining in Chile.

Zamin Group, promoted by Pramod Agarwal is the most successful Indian mining company in Latin America. He bought Bahia Minerals mine in Brazil for a few million dollars.He developed it for six years and sold it for a royal sum of a billion dollars in 2010 to ENRC. This made him not only a billionaire but also made him focus on other mining opportunities in Latin America.

Zamin proposes to buy ( January 2013 ) the Amapá mine ( current production 4.8 m tons) , 70% owned by Anglo American and 30% by Cliffs Natural Resources. The deal is said to be around $300 million. 
Zamin already has ongoing iron ore projects which include
- Susa mine, in Rio Grande do Norte
- Zamapa mine in the Amapá state) 
- mine  at Bahia
Zamin, is betting on iron-ore production of 27 million tons by 2017 in Brasil
Zamin has a iron ore project in Uruguay, which is undergoing the process of governmental regulatory evaluation for clearance. 

They are said to have mines in Bolivia and Peru

IRK International has acquired an iron ore mine in Julica, Peru for 35 million dollars. The name of their local company is Pacific Minerals and Metals del Peru. The production is expected to be 500,000 tons in 2011.

Minergy Resources of India has acquired mines in Brazil

Minergy has a JV with Neepaz Mineral Resources and have acquired about 184,000 ha of very prime Iron Ore and Gold Concessions in the State of Tocantins and have already commenced implementation of an exploration work program. They have

- 23 concessions for Iron ore
– 1 concession for Gold
– Total area is 1688 sq kms
– All the concessions are located on both side of Palmas, within area of 240kms x 170 kms

Minergy Brazil has recently acquired 24000 hectares of prime diamondiferous areas in the Parana State in Brazil, there is artisanal Diamond Production within the acreage both in the Terraces and the fluvial system in the concessions. We are currently planning a work program for the exploration and development of Diamond production.

Indo Borax has acquired a small borax mine in Argentina and has plans for more acquisitions.

Monnet Ispat and Energy Ltd (MIEL), India’s second-largest coal-based sponge iron producer, is set to acquire majority stake in a coal mine in Colombia. The acquisition of the 25 million tons coal mine, with annual production capacity of 50,000 tons, is aimed at feeding the domestic steel and captive power plants of the company.

Indian Diamond business establishes presence in Panama Diamond Exchange - May 2015

About fifteen Indian diamond and jewellery firms such as Rosy Blue, Kiran Gems, Diarough (NV), Bhavani Gems, Interjewel, Jewelex, M Suresh and Niru Group have purchased office space at the Panama Diamond Exchange (PDE) which opened on April 30, 2015 and the upcoming World Jewellery Hub (WJH) to cater to the Latin American market. After Dubai and Antwerp, Surat and Mumbai-based diamantaires are eyeing a big chunk of the $8 billion diamond market in Latin America. ThePDE complex is located in the Vaguil Free Zone for international gem and jewelry trade, and exempts transactions conducted within its area from payments of customs duties and taxes, and corporations registered in the Free Zone from paying company tax.

 South America is endowed with rich reserves of minerals such as copper, iron ore, gold, silver and diamond. India will need more of these to fuel its high growth and consumption in the coming decades. There is scope for mining ventures in Argentina,  Brazil, Chile, Bolivia, Colombia and Peru

Automobiles and autoparts

Mahindra has a joint venture with Bramont for assembly of Scorpio 4-wheel drive vehicles in Manaus, Brazil and another JV for assembly of tractors in Venezuela.

Tata Motors inagurated its Jaguar Land Rover manufacturing facility near Rio de Janeiro in June 2016. The 342 million dollar- plant will produce Land Rover and Range Rover SUVs. The company will source some components such as seats, chassis and powertrain assembly from local Brazilian suppliers.

Ashok Leyland is exploring possibility of joint venture with Plaza Group of Argentina to produce buses and trucks.

Sonalika Tractors is exploring possibility of assembling their tractors in Argentina in collaboration with Apache group.

TVS has tied up with DAFRA Motos, a Brazilian company of the Grupo Itavema which has an assembly plant at Manaus with capacity to produce 200 thousand motorcycles annually.  In this plant TVS Apache RTR 150 motorcycles are produced. The TVS motor cycles run even with fuel ethanol, like the cars in Brasil. TVS has 26% stake in a Colombian company TVS Andina S.A.

Bajaj three wheelers are assembled in Medellin and the Colombian government has authorised Bajaj Autos to be used as public transport in municipalities with population less than 50,000. They have a 3 wheeler assembly plant in Nicaragua too. Bajaj has a motorcycle assembly plant in Mexico City in partnership with Autofin.

Hero Motors manufacturing unit was inagurated on 8 sept 2015 by the Colombian President. It is located in the Parc Sur free zone of Villa Rica in the state of Cauca, 500 km south west of Bogota. Hero has invested 70 million dollars. Annual production capacity 80,000 motorcycles and scooters and can be expanded to 150,000 units in the next phase. production from this plant will also be used for exports to other Latin American countries and US. Hero motorcycles are sold in Colombia through 160 outlets in 133 towns and cities.

Hero is also looking for a partner to set up a unit in Brazil. Hero is developing special engines for the Brazilian market where ethanol is mixed with petrol.

RSB Transmissions has opened a plant at Silao in the state of Guanajuato in Mexico in April 2011. The plant will produce transmission parts and equipments for automobiles.Investment said to be around 20 million dollars. Employment upto 500 local people. It has entered into a JV in Brazil with a local company for autoparts production in 2014

Samvardhana Motherson Group from Noida has six plants in Brazil and three in Mexico. They have plans to expand and will acquire the Finnish PKC Group. They currently make about US$700 million revenue right now from Latin America. After acquiring the Finnish group, it may nearly double to US$ 1.4 billion.

Varroc Group of India has acquired manufacturing unit in Monterrey to make automotive lighting products. The Mexican unit came as part of its global cquisition of an American autolamp comany Visteon group

Pricol, based in Coimbatore has acquired ( dec 2014) a Brazilian autoparts company in Sao Paulo, Melling do Brasil, which has a turnover of 50 million dollars. Melling do Brasil is located in Diadema Sao Paulo Brasil and is a manufacturer of pumps (water, oil, fuel, and power steering), cold start valves, and aluminum castings. The plant located in the Sao Paulo Automotive Industrial Zone employs 370 people. It has a state of the art Technical Center for product development, product testing, R&D. Customers include GM, Ford, Fiat, Scania, Iveco, Peugeot, Renault, Volvo, MWM International, and VW. Products are sold domestically and exported Globally to the United States, Argentina, Mexico, Australia, England, and Germany

Minda Group builds US$ 15 million plant in Mexico

UNO Minda Group, an India-based Tier 1 global automotive supplier, announced the expansion of its manufacturing capacity with a new US$15 million facility in Mexico for horns. The plant is under construction in Queretaro and will be developed in two stages. The plant will supply horns for Volkswagen (Tiguan, Polo and New Jetta) on the first phase and on the second phase it will meet the needs of Ford and General Motors in Mexico and the US. 

Sandhar Mexico to supply components for Tesla Model

Sandhar Technologies Limited, an India-based automotive supplier with aluminum pressure die cast operations in Mexico will supply two components to the wiper system assembly of the Tesla Model 3. Sandhar specializes in automotive latches and lock systems, recently expanded its product portfolio into wiper blades, fuel pumps and starter motors. The company opened a production site in San Jose Iturbide, Guanajuato a city in the heart of the Bajio automotive

Other areas

Havells, the Indian lighting and fixtures firm have some business in Brazil and Chile, after they sold of their Sylvania assets in the rest of Latin America to a Chinese firm in January 2016.

Godrej has acquired two Argentine companies, Issue Group and Argencos, in 2010. The two companies are in cosmetics business with core strength in hair colour. They have a turnover of 50 million dollars and export their products to other Latin American countries. In 2012 Godrej acquired majority control in a Chilean cosmetic company.

Videocon has acquired a TV manufacturing plant (owned by Thomson) in Mexico for about half a billion dollars.

Besco has a joint venture in Brazil to make cast steel bogies for freight cars

Essel Propack has plants in Colombia and Mexico which produce laminated plastic tubes. Essel Propack inagurated its second plant in Mexico -30 March 2011 and its Cali, Colombia plant in July 2016

JK Tyres acquired Mexican Tyre company Tornel in April 2008 for 68 million dollars. Tornel has three tyre plants employing 2000 people and producing 6.6 million tyres. It has a turnover of over 200 million dollars.

InoxCVA has decided to build a factory to make industrial gas equipmentin São Paulo. Projected investmen is R$60 million. Production is expected to begin in the second half of 2013

Pidilite has acquired a Brazilian adhesive manufacturing company which has a turnover of 50 million dollars and employs 320 Brazilians. But Pidilite is in the process of seeling its Brazilian subsidiary, which has been incurring losses.

Vijay Electricals from Hyderabad has acquired a Transformers plant in Joao Pessoa in the northeast of Brazil. They are setting up another plant in Mexico.

Elgi Equipments has launched a subsidiary at Sao Paolo in Brazil to market its products and later manufacturing.

DS Constructions Ltd. has acquired Globeleq America's power assets for $542 million, in 50:50 joint venture with Israel Corporation. The assets consists of natural gas and hydro power plants in Peru and Bolivia, fuel based power assets in El Salvador, Dominican Republic, Guatemala, Nicaragua, Panama and Jamaica totaling a capacity of over 2,180 mw.

Megatherm has set up a Brazilian Subsidiary, Megatherm Group Brasil Ltda, in foundry sector.

Praj industries of Pune has executed ethanol projects worth 35 million dollars in Colombia. They have got a 20 million dollar project in Colombia in Jan 2013. They have entered into a JV with a Brazilian company to build a new ethanol plant in Brazil.They have done projects in Argentina and central america.

KEC International Ltd has acquired ( sept 2010) SAE Tower Holdings of USA which has manufacturing facilities in Belo Horizonte, Brazil ( 65000 tons) and Monterry, Mexico ( 35,000 tons) as well as in USA. Cost of acquisition was 95 million dollars. SAE Towers is a leader in all three markets.

Wipro’s Infrastructure Engineering division has acquired ( may 2011) a Brazilian hydraulic cylinder manufacturer, RKM Equipamentos Hidraulicos which supply componets to equipment makers such as Caterpillar and JCB.

Care Group from Gujarat has set up a joint venture in Mendoza province of Argentina to make intraocular lenses used in caatract surgery in collaboration with Instituto Zaldvir

Karamtara, the Indian power transmission company is exploring investment in Brasil. It has an office in Sao Jose de Campos.

JBF Industries is establishing a plant in Araraquara in the state of Sao Paulo to make BioMeg resin which will be used in recyclable and biodegradable plastic bottles. The plant will start production in 2015 with a capacity of 440,000 tons per year. Coca Cola has agreed to buy the entire production for the first three years. Later there will be exports to US and Europe.

Sterlite Technologies is setting up a optic fiber plant in Curitiba in a 50:50 joint venture with Brazilian company Conduspar Condutores Eletircos. Production will begin in 2015. The products will be exported to other Latin American countries besides supplies to Brasil.

Sarla Performance Fibers has invested in a joint venture plant for polyester fibres in Honduras

Gravita India Ltd has sold of its stake in its lead recycling plant in Honduras

Sujana Universal Industries Ltd which makes appliances has a subsidiary in Honduras

Muthoot Leisure and Hospitality Services (MLHS), the hospitality division of Muthoot Group announced on 12 February 2014 the acquisition of Costa Rica’s high-end property ‘Xandari Resort & Spa’. The resort has 25 villas in a 40-acre plantation. This is the first acquisition by an Indian hospitality company in Central America. The company plans to spend Rs 200 crores in next two years in expansion of the property and also has interest to buy more properties in Central America.

VA Tech Wabag is exploring acquisition of assets in the region for water treatment,desalinationand sewage treatment projects.

Symphony from Gujarat has acquired a Mexican company IMPCO which makes industrial aircoolers in  Guadalupe, Nuevo Leon, Mexico

Apeejay Shipping Ltd and Five Star bulk carriers have offices and operations in Panama

Eleganza Jewellery ltd has a set up in Panama

BFL Hydro has small hydroelectric projects in Honduras and Guatemala with an office in Guatemala city.

Alok Master Batches has a joint venture plant( in collaboration with a local firm) in Paraguay to make colour additives used in plastic industry

Alivira Animal Health Ltd (Alivira) has signed a definitive agreement (April 2016) to acquire 70% stake in veterinary health company Interchange Indústria e Comércio de Produtos Veterinários S.A. Brazil (Interchange Brazil). Alivira will invest $3.6 million to acquire 70% stake in the Brazilian company which had a turnover of 5 million dollars in 2015.

Appasamy Associates, a global leader in the ophthalmological market, has a plant of intraocular lenses in Argentina with a manufacturing capacity of 20,000 lenses monthly.

Entertainment Business

Toonz Animation Ltd of Trivandrum in collaboration with Illusion Studios of Buenos Aires coproduced a cartoon film ¨Gaturro¨ costing five million dollars. It is based on a cartoon character created by Argentine Cartoonist Nik. The film released in September 2010 was a box-office hit.

An Argentine director Pablo Cesar made a feature film ¨Unicorn-the garden of fruits¨ in 1996 as a coproduction with India. His new film ¨Thinking of Him¨ based on the romantic story of meeting of Tagore with Victoria O´campo in Buenos Aires was premiered on 28 November 2017 in the Goa Film Festival.

A Bollywood film Dhoom II was shot in Rio de Janeiro and a Rajnikant film " Robot"in Machu Pichu in Peru. A Telugu film " Sarrainodu" starring Allu Arjun was shot in Bolivia ( salar de uyuni) in March 2016. A telugu film Sarrainodu was shot in Salar de Uyuni salt fields in Bolivia in 2016.

Bollywood is producing a film " The ghost of Che" directed by Nagesh Kuknor and produced by Mauktik Kulkarni.

The Argentine musician, Gustavo Santaolalla composed music for the Amir Khan film ¨Dhobi Ghat¨ directed by Kiran Rao. This was released in January 2011. 
Endemol India shot a TV serial ´Jor Ka Jhatka´ in Buenos Aires in December 2010 – January 2011 with 28 Indian actors who stayed here for 40 days. This show was hosted by Shahrukh Khan in Imagine channel in February 2011.

Globo TV of Brazil produced and telecast a soap opera ¨Camino das Indias – Passage to India¨ in 2009. It was partly shot in India and there were Indian characters and Indian costumes. It got the highest ratings during the eight months of its telecast and stimulated Brazilian interest in India. It has been dubbed in Spanish and telecast in other Latin American countries.

Mexican actress Barbara Mori acted as heroine in the Bollywood film ¨Kites¨ released in 2010

The following six Brazilian actresses have acted in Bollywood films:

Bruna Abdullah - started off with an item number in Cash, followed by a small role and a special number in I Hate Luv Storys (2010) and Desi Boyz (2011) respectively. In 2012 she appeared in a Tamil film, Billa II. In 2013, Bruna will hit the big league with prominent roles in big ventures such as Indra Kumar's Grand Masti and the Salman Khan-starrer Mental.

Izabelle Leite- Initially labelled the 'mystery woman' that cricketer Virat Kohli was spotted shopping with in Singapore, the Brazilian model has made her Hindi film debut with Raj Purohit's Sixteen. Believed to be romantically involved with Virat, she will next be seen in Purani Jeans that will mark the debut of Rati Agnihotri's son Tanuj Virwani.

Giselli Monteiro- She surprised the audience by playing a typical Punjabi girl in Imtiaz Ali's Love Aaj Kal, starring Saif Ali Khan and Deepika Padukone. Then, in 2011, she appeared in Always Kabhi Kabhi, which was produced by Shah Rukh Khan. Although she is busy endorsing a number of brands, Giselli is yet to sign any new films.

Gabriela Bertante- came to India in 2010 and took part in a fashion week in Mumbai. she was roped in as a VJ on a popular youth channel. In 2012, she appeared in back-to-back Tamil and Telugu films, Billa II, Devudu Chesina Manushulu and Cameraman Gangatho Rambabu. Now, Gabriela will be seen in Balwinder Singh Famous Ho Gaya alongside Mika Singh and Shaan.

Nathalia Pinheiro- Also known as Nathalia Kaur, she was born in Rio de Janeiro, Brazil. She won a calendar's model hunt contest in 2012 and appeared in it that year. Later, she made her film debut in the Kannada film, Dev Son Of Mudde Gowda, followed by an item number in Ram Gopal Varma's Amitabh Bachchan-Sanjay Dutt starrer Department (2012).

Mariah Gomes- She made her B-town debut with a hit item song, Neeyat Kharab Hai in the Amitabh Bachchan-Ben Kingsley starrer Teen Patti (2010). Then, in 2011, the Brazilian model landed a full-fledged role opposite Prateik in Rohan Sippy's Dum Maro Dum. Post that, she is yet to be spotted in any other Bollywood venture.

Vallery Maravi, a Peruvian actress has acted in an Kannadiga film "Neenilada Male" in 2015.

Reynaldo Arenas, a Peruvian actor, announced in March 2016 that he was going to coproduce a film in collaboration with Bollywood producers.He would also act ih the film.

Indian TV channels have shown Latin American soap operas such as Ugly Betty and Second Chance. Some parts of Indian reality show--Khatron ke khiladi--was shot in Argentina starring Bollywood actor Arjun Kapoor.

Zindagi channel of India has started telecasting in April 2017 a Brazilian soap opera" Total Dreamer" ( totalmente demais) which runs into 175 episodes. This is a Globo TV production telecast in Brazil in 2015-16

Zee TV has started a new Spanish channel ZeeMundo with Bollywood movies for Latin American viewers. To start with, it will be available in Mexico and Ecuador. Coverage will be expanded to other Latin American countries soon. ZeeMundo is already available in US for the hispanic audience.

Yash Raj Films signed a deal with Colombia’s 64-A Films to remake the Aditya Chopra-produced and Maneesh Sharma-directed film, Ladies Vs Ricky Bahl which stars Ranveer Singh and Anushka Sharma. The film would be adapted for Colombian and Spanish audiences and shot in four Colombian cities of Cali, Medellin, Bogota and Cartagena for the sun and beaches there.

An Indian entrepreneur is selling Indian films with spanish subtitles to cable TV and public in Colombia

Carolina Grewal, a Uruguayan model is married to an Indian actor and is settled in Mumbai

Bollywood dancing has become fashionable across the region. Some Bollywood groups have become professional and perform in public events. Bollywood music is played in night clubs and gyms in many Latam countries.

Sayana an Argentine fashion designer has launched her collection under a brand name " deWar" in India. She is married to Gaurav Gupta in Delhi.

Indian hero in Costa Rican film

Prabhakar Sharan, settled in Costa Rica has become the hero in a Costa Rican film

More information

Lists of Indian companies in Latin American countries

in Brazil -


1. M/s. Tata Consultancy Services

2. HCL Technologies Brazil São Paulo

3. Wipro do Brasil Tecnologia Ltda


5. Infosys Technologia Do Brasil Ltda

6. Tech Mahindra

7. KPIT Infosystem Brasil Serviços de Tecnologia e Participações Ltda.


1. Zydus Nikkho Brazil Ltda.

2. Glenmark Farmaceutica Brazil Ltda

3. Torrent do Brazil Ltda.

4. M/s. Dr. Reddy’s Laboratories Ltd.

5. M/s. Lupin Farmaceutica do Brasil Ltda

6. M/s Aurobindo Pharma Ind. Farmaceutica Ltda.

7. M/s Ranbaxy Farmaceutica Ltda.

8. M/s Unichem Pharmaceuticals do Brasil Ltda

9. M/s Farmavision

10. Natcofarma Do Brasil

11. Accord Farmaceutica Ltda.

12. ACG do Brasil S/A

13. Biocon Ltd do Brasil


1. ONGC Videsh

2. IBV Brasil Petroleo Ltda (BPCL)

3. M/s Suzlon Energia Eólica do Brasil Ltda.

4. SAE Towers – KEC International

5. KARAMTARA Engineering Ltd.

6. Vijai Elétrica do Brasil Ltda

7. CG (Crompton Greaves) Power Systems Brazil Ltda.
8. Havells Sylvania Lighting Ltda Brazil


1. Elgi Compressores Do Brasil Ltda,

2. Bry-Air Brasil Ltda.

3. Wipro do Brasil Industrial S.A.

4. Ciao Zicom Security Systems SA

5. Apollo Tyres do Brazil Ltda

6. Pricol do Brasil Componentes Automotivos Ltda.

7. M/s. Pidilite/Pulvitec do Brasil Ubd Com. Colas e Adhesives Ltda.

8. TCI Global (Global Logistics)


1. GSHL-Brasil Mineraçao S.A.
(A subsidiary of M/s. Ispat Ltd.)

2. Zamin Resources Servicos Geologicos Ltda.
Zamin is a company owned by an NRI based in London

3. Arcelor Mittal*
Owned by London based NRI

4. Aditya Birla Group


1. M/s Aditya Birla Yarn & Fibres

2. M/s. Reliance do Brasil


1. M/s. Olam Industries (Food)

Singapore based company. Most of the management is Indian

2. M/s Renuka Sugars in Brazil

3. M/s. Coramandal Brasil Ltda

4. United Phosphorus do Brasil Ltda

5. M/s SABERO (part of Coromandel group)

6. NAQ Global Companies

7. Uttam Sucrotech International Latin America

8. Excel Brazil Agronegocious Ltd



2. Mr. Mahesh Chandiramani

3. Mr. Jagdish Doshi

4. Mr. Kartik Kadakia

in Mexico

pharma companies

1. Accord Farma

2. Claris Lifesciences de México S.A. de C.V.

3. Dr. Reddy’s Laboratories

4. Micro Pharmaceuticals, MICROMEX

5. Solara Farmacéutica-Aspen Labs

6. Sun Pharma de México, S.A. de C.V.

7. Torrent Laboratories (Torrent Pharma)

8 Glenmark Pharmaceuticals Mexico S.A. de C.V.

9 Hetero Drugs

10 Axix Clinicals ( Aurobindo)

11 Zydus

12 Lupin

13 Uquifa

14 Emcure

15 Nirma

16 Calidrux

17 Macleods Pharma

IT companies

18 TCS.

19 Wipro

20 Hexaware Technologies



23 Patni Computer Systems/ PCS Computer Systems México, S.A.

24 UST Global

25 Tech Mahindra

26 SVAM International

27 HCL


28 United Phosphorus de México S.A. de C.V.

29 Vijai Electricals S.A. de C.V

30 Havells

31 Indorama Ventures Polymers Mexico S. de R.L. de C.V.

32 RSB Transmissions Mexico

33 Varroc

34 Symphony

35 U Flex ( Flex Americas)

36 SMR Automotive Vision

37 Bajaj

38 IRK International

39 Acerlan


in Argentina

IT Sector

1. TCS Argentina S.A.

2. Cognizant

3. CELLENT – Mobile services

4. Action Line (AEGIS – Essar Group)


6. Advanced Technology Solutions (ATS) – Mobile Solutions A Mahindra COMVIVA Company

7. Ybrant Latam – digital media marketing

8. Síntesis Química (Punjab Chemicals)

9. United Phosphorus Ltd.

10 Advanta Semillas (Belongs to United Posphorous)

11 Glenmark

12 Issue group (GODREJ Argentina)

13 Havells Sylvania Argentina

in Colombia

1 ONGC Videsh ( OVL)

2 Sophos Banking Solutions

3 Infosys


5 Tech Mahindra



8 Aurobindo pharma

9 Dr Reddy's Labs

10 United Phosporous Ltd

11Hero Motors

12 TVS

13 Bajaj

14 Sharada Chemicals

15 Mahindra

16 Sonalika

17 Caplin Point

18 Genpact

19 Essel Propack

20 Nirlife Pharma

21 Praj

22 Royal Enfleld

23 Sutherland

24 Suzuki Maruti

25 TVS

26 Thermax


28 Hindujas Global Solutions


in Peru




3. CADILA PHARMA LTD., - Sucursal Peru
















8. Zuari Agrochemicals










9. SBM Beverages (Water etc)




TCS, E-Valueserve, Polaris, EID Parry, Wipro, Tega Industries,Jindal Steel, Godrej, Suzlon, Havells and NSL Renewable power Ltd.




Caplin Point, 24/7 BPO, Genpact, BFL Hydro, Union SA ( trading company), ICG (International Commerce Group- trading), Bajaj,Hero, Mahindra, Nirma, Raymond and TVS Franchises,Seven Pharma, Bharat serum and Vaccine Ltd and ISGEC Heavy Engineering.

Costa Rica

Havells, TCS, Infosys, Cognizant, Amba Research, WNS, Idahosoft, Muthoot Leisure and Hospitality Group( resort)


Gammon India Ltd, Apeejay Shipping, Five Star Bulk Carriers, Eleganza Jewellery,

Dominican Republic

Mann India Technologies, Caplin Point, DS Constructions (power plant)

El Salvador

Caplin Point


Caplin Point, Sarla Performance Fibers, Sujana Industries Ltd,


Caplin Point


Alok Master Batches

Latin American investment and ventures in India

Latin American investment in India is 2.7 billion dollars upto March 2015.

Brazilian companies

Marcopolo has a joint venture with Tata Motors for production of buses in India. Production capacity is 14,000 vehicles per year with initial investment of 30 million dollars.

Vale has set up an office in India for export of coal and iron ore to India.

Sunley Fashion has a joint venture in Chennai for production and exports of shoes.

Weg has invested 70 million dollars in a plant in Hosur to make electrical motors and generators.

Stefanini has set up IT development centres in Bangalore and Hyderabad.

Gerdau has invested US$ 350 million in a plant in Tadipatri ( near ananthpur) Andhra Pradesh to produce steel for auto industry. This is their first plant in Asia. Capacity 300,000 tons per year. It employs 1500 people. It has warehouses in Chennai and Faridabad. This is the largest Latin American investment in India.

Dedini has entered into an MOU with Walchand Group for supply of equipments for ethanol production in India.

COFAP has set up a 50:50 JV in India with the Endurance Group for shock absorbers.

Perto, a Porto Alegre based company making ATM machines has set up a plant in Jaipur and inagurated it in October 2016. They have already sold 825 ATMS to the State Bank of India

Surya Henna has a plan to set up a production unit in India for its Surya brand of henna and other cosmetic products. They are already marketing their products in India

Adhrit Solutions is an IT company with operations in Bengaluru and Brazil. The founder is Avishek Nigam, a Brazilian of Indian origin.

Zetrasoft from Belo Horizonte offers a platform for salaried employees of large companies to take loans from banks and repay through salary deduction. The company has two employees in Gurgaon who are establishing contacts with Indian clients and banks.

Mexican companies

Cinepolis is investing 1000 crores of Rupees targetting to set up 400 film screens in various cities in  India. The company started operations in India in 2009 and has 226 screens in various cities. They are the fourth largest player in Indian film exihibition market and the only foreign company. Their brands are cinepolis,cinema star and Fun Cinemas

In January 2015, Cinepolis acquired Fun Cinemas from Essel Group of India. With this acquisition Cinepolis has added 83 more screens of Fun Cinemas. In 2016 Cinepolis acquired DT cinemas screens in Delhi from DLF.

Mexichem, has opened a new manufacturing plant in Hyderabad ( May 2015), which will produce cable ducts and pressure pipes for the water, gas and telecommunications industries. The new plant is Mexichem’s fourth plant in India, with two other facilities located in Goa, and another in Rajasthan. Mexichem is a vertically integrated chemical company operating more than 120 plants in over 30 countries and generating annual revenues of $5 billion

TREMEC has invested in a plant in Pune to manufacture auto transmission systems.

NEMAK, part of the ALFA group, has invested in a manufacturing facility in Chennai for aluminium engine heads and blocks for autombile since 2012. It has 100 employees. Nemak is a global leader in its business.

Softtek, the IT firm has acquired an Indian software company Systech Integrators, founded by Indian Americans and headquartered in San Jose, California with centers in India and US. Systech specializes in SAP solutions and services.

Prolec a leading transformer maker ( in collaboration with GE) has invested in a plant in Chennai through majority participation in the company IndoTech Transformers Ltd

Metalsa has invested US$44 million in India and have 141 employees. In two plants, in Jamshedpur and in Pune. They serve mainly Tata motors. From 4% participation with Tata in 2012 to 16% in 2016. By 2019 they want 35%. Also provide to Mahindra.

Ruhrpumpen has a plant in Chennai for making centrifugal pumps used in the petrochemical, mining, industrial, power, chemicals and waste water prevention sectors. The company’s clients in India include Indian Oil Corporation, Hindustan Petroleum, Bharat Petroleum and Reliance Petroleum. Nearly 80 per cent of products manufactured from the Chennai plant will be exported to clients in West Asia and South-East Asia, and the rest sold in the domestic market. The investment is about 15 million dollars

Kidzania has set up a theme park in Mumbai in collaboration with Shah Rukh Khan who inagurated it in August. The theme park lets children practise adult role as such as bankers, firefighters and salespersons in an educative and entertaining ( edutainment) way. They opened the second theme park in Noida in 2016 and have plans to to open another one in Bengaluru soon.

Grupo Bimbo announced in June 2017 a joint venture agreement with Ready Roti India Private Limited (“Ready Roti”), in which Grupo Bimbo will hold a 65% stake. Ready Roti, generates annual sales of approximately US$ 48 million, with four plants and more than 500 associates. Grupo Bimbois one of the biggest Mexican MNC and a global leader in bread business. They have operations in 24 countrie sincluding in USA.

The following Mexican cos are also investing in India

Great Food & Beverages (GFB): Processed Foods (snacks and juices).

Katcon: Auto components (Exhausts & Fittings).

C&F International: Steel trading.

Argentine companies

IMPSA has an office in Guragaon seeking opportunities in hydroelectric power sector. They have a engineering outsourcing centre in Mumbai employing 200 Indians.

Biosidus has shown interest in establishing a plant in India to produce biotech products.

Galileo, a global leader in CNG technologies has supplied technology and equipment to Indian companies and is looking for opportunities to work with gas companies like Reliance.

Techint has an engineering outsourcing unit in Mumbai employing around 200 engineers to service their projects in Middle east and Europe

Globant acquired( May 2015) the Pune-based Clarice Technologies for about 20 million dollars. Globant is the largest Argentine IT firm. It has centres in Latin America, US and Vietnam and has ambitious plans for growth. Globant has launched a new Development centre in Pune in October 2016. The centre will employ 1200 staff.


Manipal Technologies Ltd has printing presses in India to print credit, debit and other secure cards in collaboration with a Colombian firm Thomas Greg and Sons



Aje Group has established a plant in Patalaganga in Maharashtra for production of cola drinks and mineral water ( 40,000 bottles per hour) since December 2010. Blog on this company.

Resemin, a mining equipment company has a Zinc mining project in Dariba, 100 km from Udaipur. The local company is known as Reliant Drilling Ltd in which the Peruvian company has 90% stake and an Indian firm 10%. There are about 70 Peruvians and 150 Indians working there.

Peruvian company Vistony setting up plant in Rajasthan for production of lubricants - Nov 2016

Vistony is in the process of establishing a production plant in Rajasthan to manufacture lubricants, additives and coolants for automobiles. They have plants in US, Bolivia, Ecuador and Paraguay.



CSAV the Chilean shipping company has n Indian subsidiary. The company also does some outsourcing work in India



Biocon has a joint venture with Cuba for manufacture of vaccines in India with Cuban technology.


PTA with mercosur

This was concluded in march 2005. Preferential duty ( 10-20 percent in most cases) is given to 452 Indian products entering mercosur and reciprocal concession to 450 products of mercosur entering India. The PTA has become effective from June 2009.

Duty discount for 452 Indian exports as follows:

10 % : 394 products
20 % : 45   products
100%: 13 products

Duty discount on 450 Mercosur exports:

10 % : 93 products
20 % : 336 products
100 % : 21 products

India´s export items which get Mercosur preferential duty

Mercosur´s export items entitled to preferential tariff of India


Expansion of India- Mercosur PTA

The India - Mercosur PTA which has become operational since June 2009, covers 450 itmes of our exports and 450 items of Mercosur exports. It has now been decided to expand the lists.
The lists were discussed in the India- Mercosur meeting held in New Delhi on 15 June 2010.
Mercosur has already given their wish list of 1600 items and the Indian commerce ministry has given its list of 3200 items.These will be finalised in the next meeting to be held.

Indian exporters, export promotion councils and trade and industry bodies can present their cases to the Indian commerce ministry..mentioning the item with the HS code and percentage of preference you desire.


PTA with Chile

India and Chile sign expanded PTA on 6 September at New Delhi

Under the expanded PTA, Chile has offered concessions to India on 1798 tariff lines with Margin of Preference (MoP) ranging from 30%-100% and India has offered concessions to Chile on 1031 tariff lines at 8-digit level with MoP ranging from 10%-100%.

In the original PTA concluded in March 2006, India’s offer list to Chile consisted of 178 tariff lines the Margin of Preference (MoP) ranging from 10%-50% at 8-digit level and Chile’s offer list to India consisted of 296 tariff lines with MoP ranging from 10% - 100% at 8-digit level.

FTA with Peru, Colombia and Mexico

The government of India has initiated preliminary negotiations with Peru and has indicated interest in FTAs with Colombia and Mexico too

Lines of Credit

Government Lines of credit

  • The Government of India has started giving lines of credit (LOC) Latin American countries at concessional terms since 2003. These are being operated by Eximbank of India. Till 1 March 2016, the cumulative LOC given to Latin American countries is 145 million dollars.

  • Nicaragua has received the laregst LOC of 67 million dollars in the period 2012-15. But much of it remains unutilised.
  • Honduras has received 56 million dollars of which half has been utilised for purchase of vehicles, telecom equipments etc.
  • Cuba has received 12 million dollars and has utilised it fully
  • Panama has received 10 million dollars, yet to be used.


Eximbank Lines of credit

Eximbank has given commercial lines of credit to governments, commercia lbanks and regional organisations in LAC region. Eximbank has extended 17 Lines of Credit totalling 181 million dollars.

Eximbank of India has given Facility of US$ 50 million to the overseas SPV to be set up in Brazil of the Indian company Strides Arcolab Limited, Bangalore for part financing acquisition of Penem/ Penicillin manufacturing facility of Cellofarm at Campos in Brazil under Bank’s Overseas Investment Finance Programme.

Facility of US$ 24 million to Vale do Ivai Acucar e Alcool S.A (VDI), Brazil, a step-down overseas subsidiary of Shree Renuka Sugars Limited (SRSL), Mumbai towards part financing VDI’s normal capex requirement and partly towards refinancing existing debt of VDI, under Exim Bank’s Overseas Investment Finance Programme.


Note Most of the above LOCs remain unutilised due to different reasons in different countries. Indian Exporters and Latin American importers are welcome to utilise them. Eximbank would be willing to consider more LOCs for Latin American countries.



Development partnership

Government of India gives:

- about 350 ITEC ( Indian technical and economic cooperation) training scholarships to LAC countries every year

- project assistance eg. 6 million dollars grant for a cricket stadium in Guyana, 1.6 million dollars grant for the computerisation of Caricom secretriat.

- gifted 150 Bajaj three wheelers to Central American countries

- deputation of experts and advisors to the governments of LAC countries

- emergency and disaster relief assistance in the form of medicines and other supplies from time to time given to a number of countries.

- has set up IT training centres in Cuba, Panama and Guatemala and plans to set up in other central american and caribbean countries.



Double Taxation Avoidance Agreement (DTAA) has been signed (and ratified) with Brazil and concluded with Uruguay and Colombia. Negotiations are on with Chile.



India has signed Bilateral Investment Promotion Agreement (BIPA) with Argentina and Uruguay.



Business practices

  • Since business with India is a relatively new experience for many latin Americans, they need to be convinced and persuaded about the quality of products and reliability of of the Indian companies.

  • do not get discouraged, if you do not get prompt responses or commitments are not fulfilled as promised. patience and persistence needed.

  • In Latin America show is more important than the content. Your presentation and packing have to be impressive. Please flaunt your exports to USA and Europe and proclaim loudly your clients there.

  • While Letters of Credit are the general method of payment, cash against payment and other forms are used. some buyers might ask for long credit for 180 days or even 360 days. Some Indian cos extend credit and do business without LCs. many Euroepean traders to latinamerica provide such long credits to sweeten their exports of bulk drugs and chemicals, some of which are sourced from India !

  • Some clients might use creative methods of payment and billing, as some do in India.

  • Persons are generally more important than systems and rules. This is why establishing personal relationship and rapport is more necessary in Latin America.

  • Do not hustle the client asking him for appointment on friday evening or monday morning. It may not be fruitful, since the Latinamerican's mind would be on the beach and fun of the weekend.

  • Some Latin american businessmen operate from Miami. They have bank accounts and ware houses there.

  • while the top executives speak english, one needs the help of interpreters at lower levels.

  • Small and medium exporters should explore opportunities outside the big metros such as Sao Paulo and Mexico City. In smaller cities, there is better receptivity and less competition.

  • There is a tendency among Indian exporters of bulk drugs, chemicals, hand tools and cycle parts to undercut each other and offer very low prices. This spoils the buyers and the market itself. The Latin americans use the prices of Indians to beat other Indians.

  • There are thousands of followers of Saibaba, Sri Sri Ravi Shankar and other Indian gurus and spiritual groups in Latin America. It would be worthwhile to check about your client and take appropriate gifts and souvenirs.