The Hindu Business Line : Oil India signs pact with ICSA

Oil India Ltd today signed a joint venture agreement with ICSA India Ltd, a Hyderabad-based listed company, to tap opportunities in crude and refined oil flow management.

Mr G. Bala Reddy, Managing Director of ICSA, told Business Line that the agreement envisages formation of a 50:50 separate joint venture entity with an initial authorised capital of Rs 10 crore.

The Oil Ministry has already flashed a green signal for the proposal after a successful test of the real time monitoring system, developed and patented by ICSA, on a 50-km stretch of Oil India's pipeline in Assam in July. The board of Oil India on September 22 formally accepted the terms of the agreement.

ICap system

Both the companies will now jointly instal the system labelled `Intelligent Cathodic Protection (iCAP)' on the 2000-km long Oil India pipeline network spread across Assam, West Bengal and Bihar, through the next one year.

"After completion of this project, the joint venture would commercially take up project management for monitoring oil pipelines in India and abroad on turnkey basis," Mr Reddy said.

The ICSA stock, which has been steadily improving of late, today finished at Rs 836.30 on the BSE with a gain of one per cent, as over 1.13 lakh shares changed hands.

iCAP is a wireless embedded system that trims loss owing to corrosion through real time automated monitoring.

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