PCBL Chemical Ltd has incorporated a wholly-owned subsidiary in the US as part of its strategy to expand its global footprint and tap into the North American market, the company said in a regulatory filing on Monday.
The new entity, PCBL Chemical USA Inc, has been set up under the laws of the state of Delaware, it said.
This subsidiary will facilitate easier access to the North American markets and enable strategic market access, proximity to customers, and a better understanding of the regulatory and incentive landscape, said the RP-Sanjiv Goenka Group firm.
Localisation of supply chains for carbon black and speciality chemicals through the new subsidiary is of critical importance and will strengthen the company's position as a global player, it said.
Nanovace Technologies Ltd, a subsidiary of PCBL, announced earlier this month that it has secured a US patent for its proprietary nanomaterial development method for next-generation energy storage technologies.
PCBL Chemical Ltd reported a 19.7% year-on-year drop in its consolidated net profit to ₹94 crore for the quarter ended June 30.
It had recorded a net profit of ₹117.9 crore in the year-ago period.
Revenue from operations was marginally lower at ₹2,114 crore, down from ₹2,143 crore in the corresponding period.
Carbon black revenue stood at ₹1,663.58 crore during the quarter, compared to ₹1,734 crore in the same period last year.
