Todays Writing signs Agreement with ITT Corporation (India)

Todays Writing Products Ltd has announced that the Company had formed a subsidiary - Todays Petrotech Ltd. for the purpose of pursuing the business in the Oil and Gas sector. The Company has been evaluating various options since then. After exploring various business opportunities the Company has recently concluded an arrangement with ITT Corporation (India) Pvt. Ltd. (100% subsidiary of ITT of USA , which is a US $ 8bn Company) which inter alia comprise the following:

1. Setting up a manufacturing facility for the purpose of testing the various hydrocarbon pumps, on a lease basis.

2. Machining centre to cater to the requirement of ITT by providing the necessary tooling, jigs and fixtures.

3. Distribution of the products manufactured / imported by ITT in India.

The Company is expected to implement the said project in the next 12 months. The Company will be shortly finalizing the plan in respect of the implementation and financial closure in respect of this business.

Source : Equity Bulls

Keywords