March 07, 2018
Tata International strengthens its presence in Vietnam
TIL signs MOUs with Vissai Cement Group and Agribank of Vietnam
Tata International (TIL) signed two Memoranda of Understanding (MoUs) for its Vietnam operations, one with a leading corporate group, the Vissai Cement Group for the utilisation of the Vinh Port and the other with Agribank, the largest commercial bank in Vietnam for financing of farm equipment. The teams were part of the delegation accompanying HE Tran Dai Quang, President of the Socialist Republic of Vietnam at the India-Vietnam Business Forum held in New Delhi on March 3, 2018. Minister of State for Defence, Government of India, Dr Subhash Bhamre, was present at the occasion.
|Ajay Ponkshe and Jitendra Manghnani with the Agribank team at the MoU signing|
The Singapore subsidiary of the company, Tata International Singapore PTE Ltd, a leading solid fuel trader in Asia, signed an MoU with the Vissai Cement Group, to form a joint venture company in Vietnam for utilizing the Vinh Port that is owned by the Vissai Group. The port is expected to be one of the primary gateways for trade flow in and out of Laos.
The expertise of both the parties will help create a strong distribution network and to manage the complete coal supply chain to meet the demand of Vietnamese customers. This JV company will also be responsible for all coal imports of Vissai Group on an exclusive basis.
Noel N Tata, managing director, TIL, held discussions with the secretary of provincial party committee of the Government of Vietnam, Nguyen Dac Vinh, during the event that marked the further strengthening of ties between India and Vietnam. The discussions revolved around the existing trade opportunities in the province in power, agriculture and minerals sectors.
|Indronil Sengupta, Ajay Ponkshe, NN Tata, Shantanu Chatterjee and Sabyasachi Mishra with the Vissai Group team|
The Vietnamese arm of the company, Tata International Vietnam Company Limited, inked another MoU with Agribank, the only wholly state-owned bank in Vietnam. The MoU signifies the shared aspiration of Tata International Vietnam and Agribank to ensure credit support to farmers, co-operative farms and plantations to avail leading mechanization solutions.
Present at the occasion were Ajay Ponkshe, head finance and accounts, legal and secretarial, Tata International; Indronil Sengupta, Tata Sons, Vietnam; Sabyasachi Mishra, head, sales and Shantanu Chatterjee, head F&A, from Tata International’s Minerals business; Jitendra Manghnani, head of Tata International’s Vietnam operations and senior officials from the Vissai Group and Agribank, Vietnam.