Texmaco, SPIC tie up

JAKARTA (JP): Indonesia's Texmaco Group and SPIC Ltd. Group of Madras, India, have signed a memorandum of understanding on cooperation in exporting to India US$300 million worth of plant machineries for textile and chemical industries.

The agreement was signed in New Delhi by Texmaco Group's President M. Sinivasan and SPIC's President A.C. Muthaiya on Friday, publicly-listed Texmaco said in a statement here yesterday.

The statement said the signing ceremony also was attended by Coordinating Minister for Production and Distribution Hartarto and India's Industry Minister Murasolimaran.

The Texmaco Group operates an integrated textile industry producing purified terephthalic acid, polyester chips, fibers and fabric, garments and textile machinery.

SPIC is one of India's largest business groups operating in petrochemical, agro-chemical and pharmaceutical industries. (vin)