Today's Petrotech (TPL), a subsidiary of Todays Writing Products, today 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 commissioned in March 2008. "The current facility can service business of up to Rs 250 crore every year. 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 release added.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.
