PPG Industries, the world's leading supplier of automotive and industrial coatings, today said that it has signed a letter of intent for establishing an equal joint venture with Harsha Exito Engineering Private Limited for the manufacture and sale of fiber glass reinforcement products.
The Pittsburgh-based company said that the transaction is subject to the completion of due diligence and the negotiation of definitive documentation.
Both companies did reveal the financial terms of the proposed JV.
''Over the next several months, PPG and Harsha will be working to finalise a fiber glass joint venture in the Indian state of Tamil Nadu to primarily serve the Indian market,'' said Thomas Kerr, PPG vice president, fiber glass.
''We are encouraged by the prospect of continuing to expand PPG's global reach, particularly in emerging markets,'' he added.
According to Kerr, the projected expansion of the Indian economy will help drive demand for fiber glass in such end-use applications as infrastructure, transportation and wind energy.