Today's Writing into a JV with Holland Mineral Water

Excerpts from Midcap Radar on CNBC-TV18 Watch the full show » RELATED NEWS Exide launches Solar Water Heaters Power packed performance of Kalpataru Power WaterHealth announces WaterHealth Centres in AP ALSO READ See latest News about Todays Writing See previous management interviews See what other Experts & Brokerages are saying about Todays Writing Todays Writi BSE | NSE 31/05/12 Are Mutual Funds betting on Todays Writi?

Today's Writing Products has announced that it is venturing into the water purification business through its subsidiary, Today's Petrotech.

Pushpak Singh Chavan , Director at Today's Writing Products says for the  water desalination programme they have signed up a JV with Holland Mineral Water .

He further adds seeing vast opportunities in the oil and gas sector especially in the services side they have tied up with a USD 8 billion US corporation IIT .

 

Excerpts from CNBC-TV18's exclusive interview with Pushpak Singh Chavan:

Q: If you could tell us what is your contribution going to be in terms of investments in the JV and how soon you hope to be able to complete this project?

A: The project will be commissioned in March 2008. This is not a joint venture but it is a joint initiative. Taking into consideration the large opportunities in the oil and gas sector, especially on the services side we have tied up with a USD 8 billion US corporation called ITT. The investments, will be all done by Today's Petrotech.

The initial cost of the project is Rs 30 crore, the land has already been procured and the construction has already begun. The facility would be put up in Vadodara. The facility is being built to cater to about Rs 250 crore of topline.

Q: What are your plans going forward in terms of the water purification business ? Have you worked out some numbers as to how performance or business would shape up for the company when this business comes on stream?

A: On the water desalination programme, we have just signed up a JV with Holland Mineral Water. We are still in talks, the board has to still ratify the project way forward and that's being done. We will be putting up in our next board meeting as to whether we are going to take exposure in that. But because it was a material development, we had announced it on the stock exchange.

Q: How much of a contribution do you see coming by way of this business going forward, in both the projects?

A: In ITT, we have worked out some numbers but it would be very difficult to mention those numbers as of right now. But we are going to go ahead with the ITT project and in line with ITT's worldwide policies we will be going towards market leadership. The total Indian pump market is about USD 1.5 billion.