Toyo-India Awarded Three Consecutive Refinery Projects in India in the Second Quarter of 2009

Toyo Engineering India Limited (Toyo-India) (Managing Director: Hisashi Osone) which is a subsidiary of Toyo Engineering Corporation (President and CEO: Yutaka Yamada) in India awarded three consecutive jobs (the following Projects-1 to 3) related to the refineries in India in the second quarter of this year. Toyo-India concluded the contracts directly with the customer and will implement all projects themselves.

Toyo-India is one of India’s leading engineering companies. The company was established as the first overseas base of Toyo Group in 1976 and has been responsible for the implementation of many projects, primarily in India and the Middle East. The company, currently employing 2,000 staff, is now one of the most important bases of Global Toyo. It has grown to be a solution provider to their customers and a profit center that is capable of independently implementing EPC Projects.

India has not been significantly affected by the financial crisis that began unfolding in 2008, and in view of the stable economic situation that ensued after the general election this May, national enterprises have continued to make investments. As it became necessary to enact an environmental measure against vehicles due to sustained economic development, the emission standards (Bharat stage IV) is going to come into effect in major cities starting in April 2010. Consequently, both newly established and existing refineries will be required to be able to keep pace with the processing of a variety of raw materials. Toyo-India will continue to aggressively engage in further activities by utilizing knowledge gained in India in order to be able to involve themselves in projects to achieve this new target of environmental responsiveness.