Hyderabad: The Indian tobacco sector has an export revenue turnover target of $700 million during the current fiscal against last year’s export of $503 million.
Indian Tobacco Board Chairman J Suresh Babu, on the sidelines of signing a memorandum of understanding (MoU) between Ethnic Tobacco India Ltd (Guntur) and KBH&C Portugal of Brazil today, said that till the end of December 2008 export revenue from tobacco had reached $540 million.
The competitive remunerative price was hiked from Rs47 per kg to Rs89 per kg in Andhra Pradesh while in Karnataka it is Rs112 per kg, Suresh Babu told the media after signing the MoU.
He said that during the last financial year the industry exported 270 million kg of tobacco with 172 million kg alone from Andhra Pradesh.
“By entering into this joint venture we propose to export ten million kg of Indian tobacco in the current year and target achieving 25 million kg by 2013”, he said.
This is the third joint venture, while the earlier two were forged with Alliance of USA and Premier Tobaccos of UK.