AVEC Corporation (fka AVEC)

[Lawuki2005]

Kirloskar Oil in Initial Pact With Axial Vector Energy

By NIKHIL GULATI
NEW DELHI -- India's Kirloskar Oil Engines Ltd. Friday said it has entered into an initial pact with UAE-based Axial Vector Energy Corp. to explore the possibility of jointly developing internal combustion engines.

Axial would provide the technical know-how for the engines while Kirloskar Oil would be responsible for marketing, engineering and manufacturing, Kirloskar Oil said in a notice to the Bombay Stock Exchange.

"The company may form a joint venture for manufacturing and marketing of the engines," it said.

The proposal is subject to technical and financial feasibility studies and necessary approvals from the board of Kirloskar Oil, it added.