Texmaco, SPIC tie up

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)