New Delhi, Oct 22 (UNI) The Rs 1,600 crore Triveni Engineering and Industries Ltd (Triveni) today inked an agreement with General Electric Company's Oil and Gas business to manufacture compressors for the oil and gas industry.
With the deal for an initial term of five years, Triveni will import bare compressors from GE's US-based oil and gas facility.
The company will design and assemble high-speed reciprocating compressors, used in gas lift, gas transmission and storage.
''We are expecting 25-30 percent of the market by 2009,'' company's Chairman-cum-Managing Director Dhruv M Sawhney told reporters here, adding that the total market size for such compressors is about Rs 500 crore.
He said the firm sees a buoyant oil and gas market in India in the coming years.
Commenting on the agreement, GE Infrastructure (India) President and CEO Pratyush Kumar said, ''Our agreement with Triveni is a key step in our localisation and partnership strategy which will enable us to serve our customers in-India-from-India.'' Almost all Indian and international oil and gas firms are planning extensive investment over the next few years, Country Manager for GE Oil&Gas in India Riccardo Procacci said.
Triveni is the third-largest sugar manufacturer in India and a leading supplier of small-sized steam turbines (up to 30 MW), high-speed gears and water and waste treatment equipment.
GE offers a full line of high speed reciprocating compressors, ranging from 30 HP (22 KW) to 9,000 HP (6.7 MW), with a variety of piston rod load capacities and frame stroke combinations.