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Phillips Carbon to set up carbon black plant at Vietnam
Posted On : 2007-07-04 04:15:43( TIMEZONE : IST )
Phillips Carbon Black Ltd (PCBL) on July 04, 2007 has announced that the Company has signed in Kolkata a Memorandum of Understanding (MoU) with Vietnam National Chemical Corporation (Vinachem), in the distinguished presence of the Prime Minister of Vietnam Mr. Nguyen Tan Dung. The MoU was signed by Mr. Sanjiv Goenka, Chairman of the Company & Mr. Nguyen Ngoc Tuan, Members of the Board on behalf on Vinachem for feasibility study of setting up carbon black manufacturing facility in Vietnam.
The Company is India's largest carbon black manufacturer and the biggest exporter of carbon black. It exports carbon black to 15 countries including 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 9th which is expected to improve after completion of various projects in the next 18 months" said Mr. Sanjiv Goenka, on the sidelines of the CII function.
The Company and Vinachem will form a joint venture with majority holding by the Company for setting up carbon black manufacturing facility in Vietnam. This will be the first carbon black plant in Vietnam. The availability of natural rubber and with proposed carbon black facility, Vietnam is emerging as an attractive location for tyre manufacturers.
Presently, the Company has carbon black manufacturing facilities at 3 locations in India viz., Durgapur in West Bengal, Baroda in Gujarat and Kochi in Kerala with total capacity of 2,70,000 MT. Currently, the Company is setting up a green field project at 4th location viz., Mundra in Gujarat. The total capacity is expected to increase to 3,95,000 MT before end of next financial year. The Company has cogeneration power facilities at all the 3 locations and it is presently expanding the capacity at Durgapur Plant by 30 MW. With new cogeneration power plants at Mundra and Cochin, power generation capacity is expected to increase to 74.50 MW from 18.50 MW before end of next financial year.
