ITC has signed up with Exim Bank for Export Marketing Services to leverage the Bank’s overseas presence to promote agarbattis (incense sticks) with buyers, importers and distributors abroad. The Bank will help locate business partners for ITC’s agarbattis. Exim Bank will identify customers for ITC products directly or through its associates and initiate negotiations with them, while ITC will finalise the deal and ensure supplies and deliveries. The Export Marketing Service offered by Exim Bank will supplement ITC’s efforts to expand its export market and is exclusive in this category.

ITC commenced exports of its Mangaldeep range of agarbattis last year to various countries around the world. Currently, the brand is available in Singapore, Malaysia, Nepal, UAE, Bahrain and USA. Mangaldeep has been received favourably in overseas markets with consumers appreciating the innovative "Fragrance Locked" packaging. ITC is also currently developing fragrances and incense offerings to be positioned as lifestyle products for the Western market.

Exim Bank has launched a new initiative by way of offering Export Marketing Services for Indian Companies overseas through its network of overseas offices located at Washington, Budapest, Johannesburg, London and Singapore. The service offered enables Indian companies to explore new markets with Exim Bank acting as facilitator to contact new buyers for the companies’ products in international markets.

"There is immense potential for exports of agarbattis from India. This partnership with Exim Bank will help make quality agarbattis available to discerning consumers in other parts of the world. In the process, the cottage and small sectors, which make the agarbattis for us, will be greatly benefited, ’’ stated Mr V M Rajashekharan, Chief Executive of ITC’s Agarbattis business.

According to Mr K Muthukumaran, General Manager, Exim bank, “Exim Bank believes that rural enterprises can make a mark in International markets with proper guidance and support provided by corporates and institutions. Exim Bank’s tie up with ITC will also facilitate showcasing Indian cottage sector skills in supplying high quality products.’’