The Hindu : Business : GE, Triveni sign agreement

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Tuesday, Oct 23, 2007
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GE, Triveni sign agreement

Special Correspondent

To design and assemble high-speed compressors

— PHOTO: SANDEEP SAXENA

CASHING IN ON THE BOOM: Dhruv M. Sawhney (right), CMD, Triveni Industries, and Tejpreet S. Chopra, CEO, GE-India, at a press conference in New Delhi on Monday.

NEW DELHI: In a new strategic partnership, General Electric Company on Monday signed an agreement with Triveni Engineering and Industries Limited for manufacturing high-speed compressors that would be sourced from the U.S. facility of GE.

Addressing a press conference here, Triveni Industries’ Chairman and Managing Director Dhruv. M. Sawhney said his company would import bare compressors from the GE’s U.S. facility and would then design and assemble high-speed reciprocating compressors.

The agreement would be for an initial term of five years. The compressors were used in gas lift, gas transmission and storage. Triveni would design, manufacture and assemble the package at its Bangalore plant. It would also procure drivers and the rest of the components for packaging in India. Besides, it would be the customer point of contact in India for both selling of the packaged products and after-sales service.

Mr. Sawhney said the company expected the high-speed reciprocating compressor market to be around Rs. 500 crore in 2009.

Out of this, the joint venture was eyeing 25-30 per cent share.

“Almost all Indian and international oil and gas firms are planning extensive investment over the next few years. There will be more than $70 billion investment in the oil sector alone in India in the next five years,” Riccardo Procacci, Country Manager for GE Oil and Gas in India, said. He said a local player such as Triveni would help improve the pre-sale and post-sale customer support and responsiveness.

GE (India) CEO T. P. Chopra said he saw a 58 per cent rise in its turnover to $3 billion by the end of this year, driven by infrastructure, health care and financial services.

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