India Steel Market Watch
October 8: A Technology Development Acquisition Fund is being mooted by the government for acquisition of technology by companies in the foundry sector, according to information available to ISMW.
Details of the same will be known as soon as these are finalised, an official informed.
In a bid to boost the foundries technologically, the Institute of Indian Foundrymen (IIF) had envisaged a technology transfer scheme that involved tie-ups with US companies.
However, now, as things stand, this will decided by the concerned units, based on individual needs.
However, the IIF is actively engaged with associations like the Japan Foundry Society, BRICS Foundry Forum and the World Foundry Organisation. The IIF has also signed an MoU with the Japan Foundry Society for exchange of knowledge and information for the benefit of the members of both organisations.
“In the past, work visits to Japanese foundries was organised by IIF and, similarly, members of the Japanese Foundry Society visited Indian foundries to give exposure to the best practices and latest trends in foundry technology and operations in both countries, with a view to adopting the same, as per individual needs,” a IIF official said.