ITT signs MoU with Greenspaces, to invest $10 mln for Vadodara uni

New Delhi, Mar 13 (UNI) IIT India, a 100 per cent subsidiary of New York based IIT Corporation today signed a Memorandum of Understanding (MoU) with Greenspaces to provide its fluid technology solutions for its IT/ITES SEZ in Faridabad, Haryana.

The nine billion dollar corporation deals in fluid technology , motion and defence.The fluid technology group has recorded sales of over three billion dollars.

''IIT's fluid technology group plans to achieve a leadership position in the three billion dollar market for transport and treatment business in India,'' said IIT's President for China and India, William Taylor.

The company is also investing 10 million dollars in its Vadodara plant which will be operational by the middle of the year and will make core products for the group.

''With the launch of our first ever pump engineering, assembly and testing facility at Vadodara in June 2008, we are in a position to grow agggressively in different customer segments including oil and gas , building services, municipal, thermal and nuclear power, pipeline, steel, paper utility and aquaculture,'' said President and Managing Director, ITT India, Sam Yamdagni.

The company has also collaborated with infrastructure giant L&T to offer treatment solutions and will also jointly-bid for various projects, he added.

The company will focus majorly on two sectors water treatment and oil and gas he said.

It has bagged orders worth couple of million dollars and is offering most advance pump technology in refinery pipeline bussiness which includes clients like Reliance Petroleum, IOCL and Punj Lloyd.

''We plan to increase our business by 10 folds in India within the next four years and target revenues between 100-150 million dollars,'' added Mr Yamdagni.

The company is also eyeing for patnership with major players in the automotive transport sector.

The tie-up with Greenspaces is an effort to create the world's most energy efficient commercial building and platinum rated LEED (Leadership in Energy Environment Design) under the US Green Building Council(USGBC) rating system for green buildings.

UNI AK PDT RN1719