Today's Petro, ITT plan Rs 30-cr unit
Today’s Petrotech (TPL), a subsidiary of Today’s Writing Products (TWPL), has tied up with ITT - a US-based $7.8-billion firm - to set up a machinery plant at Rs 30 crore in Vadodara.
By TNN |
MUMBAI: Today’s Petrotech (TPL), a subsidiary of Today’s Writing Products (TWPL), has tied up with ITT - a US-based $7.8-billion firm - to set up a machinery plant at Rs 30 crore in Vadodara.
This facility will also be used for assembling and testing specialty pumps used in the oil sector. TPL director Ronnie Netto told ET, “The plant will manufacture machinery for specialty pumps and the whole output will be sourced by ITT. We will also get national distributorship for all products imported by ITT in India.
The project will be commissioned in March 2008.” ITT has businesses in fluid technology, motion and flow control and defence.
The move also represents ITT’s first investment in India. The facility is being set up for its fluid technology group, which has revenues of $2.8 billion. The company is a global leader in the water and waste water market. The new unit can service business of up to Rs 250 crore annually. The facility will expand with the growth of the Indian market.
“Today’s Petrotech, through the joint initiative with ITT, plans to emerge as a dominant player in products and services for the oil & gas sector in India, in addition to tapping huge opportunities from ITT’s global outsourcing business,” said Ronaldnetto, director, TWPL.
TPL also recently concluded a 50:50 JV with Wellco Oil of Norway, to benefit from the latter’s patented technology which helps enhance oil recovery from wells.
This facility will also be used for assembling and testing specialty pumps used in the oil sector. TPL director Ronnie Netto told ET, “The plant will manufacture machinery for specialty pumps and the whole output will be sourced by ITT. We will also get national distributorship for all products imported by ITT in India.
The project will be commissioned in March 2008.” ITT has businesses in fluid technology, motion and flow control and defence.
The move also represents ITT’s first investment in India. The facility is being set up for its fluid technology group, which has revenues of $2.8 billion. The company is a global leader in the water and waste water market. The new unit can service business of up to Rs 250 crore annually. The facility will expand with the growth of the Indian market.
“Today’s Petrotech, through the joint initiative with ITT, plans to emerge as a dominant player in products and services for the oil & gas sector in India, in addition to tapping huge opportunities from ITT’s global outsourcing business,” said Ronaldnetto, director, TWPL.
TPL also recently concluded a 50:50 JV with Wellco Oil of Norway, to benefit from the latter’s patented technology which helps enhance oil recovery from wells.
Start a SIP with as low as ₹500 with ET Money App!
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
