ICSA, OIL ink Joint Venture

Hyderabad, Sep 26: ICSA (India) Ltd, an embedded solutions and technology provider for the energy sector and Oil India Limited (OIL) today entered into a strategic joint venture to procure, market and undertake projects in India and abroad in the field of engineering for pipeline Intelligent Cathodic Protection (iCAP) technology and related projects.

Under the terms of the deal, the two companies agreed to incorporate a new company within 12 months of the execution of the signed agreement.

The terms and conditions relating to the formation of the company will be finalised soon. Until such time, a core group from both the companies will be conducting the day-to-day operations of the JV, the company said in a release here.

Oil India Chairman and Managing Director Pasrija is quoted as saying ''this joint venture is the culmination of successful field testing of the new technology carried out over a 50 km long pipeline in the Jagiroad (RS-5) and Guwahati (PS-5) sector.''

UNI