Today's Petrotech (TPL), a subsidiary of Todays Writing Products, announced the setting up of a Rs.30 crore facility in a tie-up with US-based ITT Corporation to manufacture pumps and allied equipment.

 

According to a release issued by Todays Writing to the BSE today, ITT, a $7.8 billion global multi-industry company, has businesses in fluid technology, motion & flow control and defence.

 

"The new venture also represents ITT's first investment in India. The facility is being set up for their 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," the release added.

 

Azim Premji, chairman, Wipro and Bennett, Coleman & Company, the publishers of Times of India, are shareholders in Todays Writing, according to latest data available on the BSE. While Premji has a near 4% stake, Bennett Coleman holds over 6% stake in the company.

 

The proposed facility, located in Vadodara, Gujarat, is being set up with an initial investment of Rs 30 crore. The project will be commi-ssioned in March 2008. TPL recently concluded a 50:50 JV with Wellco Oil of Norway for facilitating enhanced recovery from oil wells through their patented microbial enzymatic technology.

 

Source: Paper and Stationery Samachar