Ukraine President Zelenskyy writes to PM Modi, seeks more humanitarian aid

In a phone conversation with President Zelenskyy on October 4 last year, Modi said that there can be "no military solution" and that India is ready to contribute to any peace efforts.

Prime Minister Narendra Modi and Ukrainian President Volodymyr Zelenskyy.

NEW DELHI: Ukraine's First Deputy Foreign Minister Emine Dzhaparova has conveyed to her Indian interlocutors Kyiv's desire to build a stronger and closer relationship with New Delhi.

The Ministry of External Affairs (MEA) on Wednesday said Ukrainian President Volodymyr Zelenskyy has written a letter to Prime Minister Narendra Modi.

Dzhaparova handed over the letter to the Minister of State for External Affairs and Culture Meenakshi Lekhi during a meeting on Tuesday.

The MEA said the next round of foreign office consultations between the two sides will be held in Kyiv on a mutually convenient date. The First Deputy Foreign Minister of Ukraine wrapped up her three-day visit to India on Wednesday.

It was the first visit from Ukraine to India after Russia began its invasion of the East European country on February 24 last year.

The MEA said Ukraine requested for additional humanitarian supplies, including medicines and medical equipment. In her meeting with Secretary (West) in the MEA Sanjay Verma, the Ukrainian deputy foreign minister also proposed that rebuilding infrastructure in Ukraine could be an opportunity for Indian companies.

"Dzhaparova, during her visit, highlighted Ukraine's desire to build a stronger and closer relationship with India," the MEA said in a statement.

It said Dzhaparova's visit to India would facilitate cooperation between the two countries.

"Besides holding a discussion on a wide range of bilateral and international issues of mutual interest, she handed over a letter from President Zelenskyy, addressed to Prime Minister Modi," the MEA said on the Lekhi-Dzhaparova meeting.

On talks between Verma and Dzhaparova, the MEA said the bilateral agenda included spheres such as economic, defence, humanitarian assistance, and global issues of mutual interest.

"She briefed Secretary (West) about the prevailing situation in Ukraine. The two sides agreed to hold the next round of Foreign Office Consultations in Kyiv on a mutually convenient date," it said.

The MEA said Verma shared that India has provided medicines, medical equipment and would provide school buses, etc. to Ukraine.

The MEA said the next meeting of the Inter-governmental commission between the two sides would be held in India.

"On the issue of Indian medical students, the deputy foreign minister mentioned that Ukraine will allow foreign medical students to take the Unified State Qualification Exam in their country of domicile," the MEA said.

Since the Ukraine conflict began in February last year, Prime Minister Modi spoke to Russian President Vladimir Putin as well as Ukrainian leader Zelenskyy a number of times.

In a phone conversation with President Zelenskyy on October 4 last year, Modi said that there can be "no military solution" and that India is ready to contribute to any peace efforts.

India has not yet condemned the Russian invasion of Ukraine and it has been maintaining that the crisis must be resolved through diplomacy and dialogue.

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Address : 50, Court Rd, Opp SLB School, Nagercoil, Tamil Nadu 629001.

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Business Phone: (+91) 8526333363

V-Guard to set up three new factories, plans push in kitchen appliances, fans and air coolers

Consumer electrical and electronics major V-Guard Industries is planning to set up three more factories in Gujarat and Telangana for kitchen appliances, batteries for inverters and fans to strengthen its foray into new fast growing business segments.

V-Guard, which earned about 30% of its annual sales (₹3,487 crore in FY 22) from home wiring and cables and another 15% from the legacy stabiliser business, is focusing on new business segments. “V-Guard now has 11 factories spread across India employing over 4500 people. We plan to add three more factories in Gujarat and Telangana for kitchen appliances, batteries and fans. This will entail an investment of ₹250 crore on machinery alone,” Mithun K. Chittilappilly, managing director, tells Fortune India.

V-Guard is evaluating acquisition opportunities in new segments.

This is to focus only on consumer electrical and electronics, which has growth opportunities in the country. V-Guard is evaluating acquisition opportunities in new segments. “India’s fast urbanisation and more disposable income with rural population is going to drive the growth of consumer electrical & electronics market in coming years,” he says.

V-Guard forayed into kitchen appliances recently with the acquisition of Sunflame Enterprises (SEPL) for ₹660 crore in December last year. The Sunflame brand has a pan India presence with strong brand recall and makes products like cooktops, chimneys, pressure cooker, mixer grinder and small kitchen appliances. The kitchen appliances market in India, which includes mixer grinders, gas stoves, water purifiers and other small kitchen appliances is worth about ₹12,000–14,000 crore and is growing at about 8–10% a year.

The company also forayed into modular switches recently with the acquisition of the Indian business of Simon Group of Spain, a specialist in electrical switches, sockets, fan regulators and home automation products. Currently, the modular switches market in India is worth ₹6,000–6,500 crore and is dominated by companies like Anchor, Legrand and Havells.

Air Coolers, with a market size of about ₹4,500–5,000 crore and growing at about 15–20% a year, is another segment V-Guard is eyeing. The domestic air cooler market is highly fragmented with organised players like Symphony, Bajaj and Voltas accounting for only 30–35% market share.

The company is consolidating its entry into fans recently and has set up a manufacturing unit in Panipat, home for most Indian fan makers. Brands like Usha, Bajaj, Havells, Crompton and Orient are household names even among the rural population, helping the market to grow 5–6% a year to over ₹9,000 crore.

Another fast growing segment for V-Guard is water heaters, which has a market size of ₹2,500–2,600 crore and growing at 10–12%. The company has cornered a market share of about 14–15%. Similarly, solar water heaters is another new growing segment with 14–15% share, in a market of about ₹500–600 crore.

In the case of legacy businesses, Mithun says the company earns about 30% of its annual sales from home wiring cables. Total market size is about ₹16,500–17,000 crore and organised players like Polycab, Finolex and Havells account for about 62–65% of the market. The industry is growing at about 8–10% annually and the company has about 6–8% of the market share. Once the mainstay and first product of the company, it still has 42–45% market share in stabilisers. With technological advancements and solutions for erratic power supply, the stabiliser market in the country is now worth ₹1,700–1,800 crore and competition is from companies like Microtek, Livguard and Bluebird. Another major business segment for V-Guard is DUPS & Batteries, estimated to have a total market size of ₹11,500–12,000 crore and growing at about 8–10% a year. The company is estimated to have about 4–6% market share. Similarly, V-Guard has about 8–10% market share in pumps, which has a total market size of about ₹3,000–3,500 crore a year, says Mithun.