New Delhi, Feb. 22: Asuag of Switzerland, a monopolistic entity controlling the Swiss watch industry, has caused serious dislocation to a Bangalore firm, having a technological tie-up with a Swiss firm for the manufacture of electronic watches by choking off all credit facilities to its Swiss collaborator, Bernard Golay.
The Bangalore firm is now making strenuous efforts to go to the rescue of its Swiss partner, and keep its own manufacturing programme going, by taking up shares in the Swiss company. It has asked the Union Government permission to do so and for release of foreign exchange to the tune of about two million Swiss francs (About Rs. 6 millions) for this purpose. It has also made an alternative proposal for the release of a similar amount to enable it to buy the technological documentation from Bernard Golay.
In recent years, despite all its assurances to the contrary, it appears that Asuag has become increasingly alarmed over the progress being made by the watch industry in India. Though the Swiss industry has disowned any responsibility for the smuggling of Swiss watches into India, it has been widely suspected that such smuggling has been thriving with its connivance.
Published – February 24, 2025 02:55 am IST