Mumbai: The Indian arm of the German stationery manufacturer Faber-Castell has settled all outstanding issues related to its former JV partner and MD Anup Bhasker Rana in an extrajudicial mediation.
Since entering the Indian market in the mid-90s, the Faber- Castell group had relied on partnerships and JVs to make headway into the Indian market. However, in 2014 following differences with the then MD and JV partner Rana, the parent company decided to go solo and formed a wholly owned subsidiary, AW Faber- Castell India with 100% ownership.
Although the two parties were seeking a judicial resolution to their differing claims, in the course of time the two parties have mutually settled all differences through discussion and mediation with neither party holding any claim over the other.
The Indian operation in the last two-three years has strongly expanded its offering and possesses a portfolio which encompasses the entire range of stationery products across categories like crayons, wet paints, pencils, markers, pens and school accessories. The company is pursuing a ‘Make in India’ strategy, manufacturing over 75% of its products/offerings in India for the entire South Asian market.
A statement from Partho Chakrabarti, Managing Director for Faber-Castell India said: “We are very delighted that this matter has been resolved to the mutual satisfaction, so that we can state that both parties no longer uphold their accusations. We thank Rana for his cooperation in this matter. For many years, Rana had largely contributed to build up the brand awareness of Faber-Castell in India. This will enable Faber-Castell India to move forward and develop the market on solid grounds.”