By IANS
Kolkata : Phillips Carbon Black Ltd (PCBL), an RPG Group company, signed an agreement with Vietnam National Chemical Corporation (Vinachem) in the presence of Vietnamese Prime Minister Nguyen Tan Dung here Wednesday.
The Vietnamese prime minister arrived in Kolkata Wednesday, beginning his three-day India visit, accompanied by a large delegation.
The memorandum of understanding (MoU) was signed between PCBL chairman Sanjiv Goenka and Nguyen Ngoc Tuan, a member of the Vinachem board, for conducting a feasibility study to set up a carbon black manufacturing facility in Vietnam.
"This will be PCBL's first overseas venture and will pave the way for increasing its global footprint. Presently, PCBL's global ranking is ninth which is expected to improve after completion of various projects in the next 18 months," Goenka said on the sidelines of a function organised by the Confederation of Indian Industry (CII).
PCBL is India's largest manufacturer and biggest exporter of carbon black. The company exports carbon black to 15 countries including Vietnam.
Phillips Carbon and Vinachem will form a joint venture with majority holding by PCBL for the proposed manufacturing facility in Vietnam – the first such plant in that country.
Given the availability of natural rubber and the proposed carbon black facility, Vietnam is emerging as an attractive location for tyre manufacturers.
PCBL currently has carbon black manufacturing facilities at three locations in India including Durgapur in West Bengal, Vadodara in Gujarat and Kochi in Kerala with a total production capacity of 270,000 MT.
It is also setting up a greenfield project at Mundra in Gujarat. The firm's total capacity is expected to increase to 395,000 MT before the end of next financial year.