Indian companies, whose delegates accompanied President Pratibha Patil to South America last month, are looking at setting up and acquiring integrated bio-fuel plants in Brazil and Mexico.
Industry members had serious discussions with their counterparts and would return to tie-up joint ventures and investments in bio-fuels. Ruchi Soya is one of the companies that has decided to go back to Mexico.
"Being a part of the business delegation of the President was overwhelming. Ruchi Soya Industries is looking at investing in integrated bio-fuel plants and also in functional food plants in the field of health and wellness," its Managing Director Dinesh Shahra said.
In oil-rich Brazil, the Indian companies also looked at opportunities in the oil and gas sector.
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While ONGC Videsh has set up offices in Rio and bought stakes in an oil field, many other oil majors, including ESSAR, which was represented on the trip, is looking at opportunities in the South American country.
The President yesterday held a meeting with the business representatives, who accompanied her, over the follow-up action in business and trade cooperation after her three- nation tour to Brazil, Mexico and Chile, a Rashtrapati Bhavan spokesperson said.
It was for the first time that a business delegation had accompanied the President on an overseas visit. The trade delegation mounted by the Confederation of Indian Industry spent ten days at their own expense in the three countries.
The visit has also resulted in the Indian companies exploring business and trade cooperation in the fields of tourism, chemicals and fertiliser, infrastructure, mining and social entrepreneurship.
The growing awareness and bilateral interest between India and the South American nations was manifested in the signing of 10 agreements and MoUs during the President's visit.
An extradition agreement and MoU for cooperation in the oil and natural gas sector, agriculture and civil defence and humanitarian assistance were signed in Brazil. In Mexico, an agreement on cooperation in civil aviation and an MoU in cooperation in the energy sector were signed.
The visit to Chile saw the signing of agreements on air services, science and technology and MoUs on cooperation in sports and in research work in the Antarctica.