FAG Bearings India Ltd. (a subsidiary of INA/FAG, Germany) reported 2002 sales and profits both improved over 2001, despite challenging economic conditions in India and export markets. Sales in 2002 hit Rs 2.47 billion (USD $52.1 million), up 9.3% from Rs 2.26 billion ($47.7 million) for 2001. Profits rose more than 32%, to Rs 198 million ($4.2 million) in 2002, from Rs 150 million ($3.2 million) the year earlier. 2002 represents the first full year in which FAG India has offered tapered roller bearings along with its line of ball bearings. On those results FAG India declared an unprecedented 40% cash dividend, which the company says is the highest ever payout by any Indian bearing company. Managing Director Damaraju Jagannath said, "Despite weak export markets, we have been able to improve our sales and profitability substantially due to the company's strong focus on technology and product development." He went on to say, "We have ensured that our product market portfolio is well balanced, thus providing long-term security to the company's business against fluctuations in market conditions." Late in 2002, Indian securities authorities ruled INA must acquire FAG Bearings India as part of its acquisition of FAG Germany.