Today's Petrotech, ITT Corporation to Set Up Rs 30 Crore Facility

Bangalore, Karnataka, India

Today's Petrotech Limited (TPL), a subsidiary of Today's Writing Products Limited, announced the setting up of its first facility in a tie-up with ITT Corporation (NYSE:ITT), a USD 7.8 billion global multi-industry company that has businesses in Fluid Technology, Motion & Flow Control and Defense. It also represents ITT's first investment in India. The facility is being set up for their Fluid Technology group who, at $ 2.8 billion, are the largest pump company in the world and a leader in the water and waste water market.

ITT Leading brands are very popular globally and in India. The Fluid Transport brands are Goulds, Bell & Gosset, Lowara, Flygt, Allis Chamber, Pumpstart, etc whereas the Fluid Treatment brands are Sanitaire, Wedeco, Leopold, etc.

The facility, located in Vadodara, Gujarat, is being set up with an initial investment of Rs 30 crore. The project will be commissioned in March 2008. The current facility can service business of upto Rs 250 crores annually. The facility will be making 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 and more divisions plan to invest in India. The facility will also expand with the growth of the Indian market.

The facility is an integral part of ITT's plans to enter the Indian market. ITT India will source certain components from the TPL's facility on an exclusive basis. The facility includes a USD 1.5 million dollar 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. In this facility, TPL personnel will manage the machine shop and ITT personnel will manage the pump engineering, assembly and testing facility.

In addition, TPL will also distribute all products manufactured/imported by ITT India for the process industry.

"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, Today's Writing Products Limited.

"The transport and treatment business in India, a US$ 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.

About ITT Corporation
ITT Corporation (www.itt.com) supplies advanced technology products and services in several growth markets. ITT is a global leader in the transport, treatment and control of water, wastewater and other fluids. The company plays a vital role in international security through its defense communications and electronics products; space surveillance and intelligence systems; and advanced engineering and related services. It also serves the growing leisure marine and electrical connectors markets with a wide range of products. Headquartered in White Plains, N.Y., the company generated $7.8 billion in 2006 sales. In addition to the New York Stock Exchange, ITT Corporation stock is traded on the Euronext and Frankfurt exchanges.

Source: Today's Petrotech Limited (Business Wire India)

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