ITT Corporation to set up Rs30-crore facility in tie up with Today''s Petrotech
24 Aug 2007
Today's Petrotech Limited (TPL), a subsidiary of Today's Writing Products Limited, is setting up of its first facility in a tie-up with ITT Corporation, $7.8 billion global multi-industry company that has businesses in fluid technology, motion and flow control and defence.
This is ITT's first investment in India and is an integral part of ITT's plans to enter the Indian market.
Located in Vadodara, Gujarat, this facility is being set up with an initial investment of Rs30 crore, and will be commissioned in March 2008 and service business of up to Rs250 crore annually.
It is being set up for the fluid technology group, which at $ 2.8 billion, is the largest pump company in the world and a leader in the water and waste water market. This facility will make some core products for two of three divisions of the fluid technology group and will be expanded as more product lines are bought into India.
"Today's Petrotech, through the joint initiative with ITT, plans to emerge as a dominant player in products and services for the oil and gas sector in India, in addition to tapping huge opportunities from ITT's global outsourcing business", said Ronald Netto, director, Today's Writing Products Limited.
Globally, ITT's fluid transport brands include Goulds, Bell and Gosset, Lowara, Flygt, Allis Chamber, Pumpstart, etc whereas its fluid treatment brands include Sanitaire, Wedeco, Leopold, etc.
The facility includes a $1.5-million testing facility that will test various pumps, including pumps that are supplied to all process industries (especially oil & gas) and building services. In addition, it includes a machine shop with state of the art fully automated machinery.
While TPL personnel will manage the machine shop, ITT personnel will manage the pump engineering, assembly and testing facility.
ITT India will source certain components from the TPL's facility on an exclusive basis.
In addition, TPL will also distribute all products manufactured/imported by ITT India for the process industry.
"The transport and treatment business in India, a $1.5-billion market, presents a tremendous opportunity for the Fluid Technology Group in the fluid transport and treatment markets. TPL's strength makes them an excellent partner for ITT to achieve a leadership position in the Indian market. The facility in India is being set up in line with the global standards and will also be used as a platform to export products to certain markets around the world," said William Taylor, ITT's president for China and India.
TPL has also recently concluded an exclusive 50: 50 JV with Wellco Oil of Norway for the Indian market. Wellco Oil will provide the technology for the purpose of facilitating enhanced Oil recovery from Oil Wells through their patented microbial enzymatic technology, which been proved in many fields the world over. The SPV with Wellco will endeavor to obtain various oil fields from Oil producing Companies and enter into production sharing arrangements.
