New Delhi, Sep 27 (IANS) India's energy major Oil India Limited (OIL) Tuesday joined hands with tech firm ICSA (India) Limited to procure, market and undertake pipeline technology projects in the country and abroad.

Under the terms of the deal, the two firms agreed to incorporate a new company within 12 months of the execution of the signed agreement. The terms and conditions relating to the formation of the company, however, have not been finalised.

"ICSA (India) and Oil India make a perfect partnership given the tremendous synergies between the two," said Bala Reddy, managing director of ICSA (India).

ICSA (India) is into development of embedded technology solutions, software products and services for the energy sector.

"The innovative technology involved in the iCAP (Intelligent Cathodic Protection) system improves the efficiency of conventional cathodic protection, forecasts pilferage, pipeline tampering in real time and improves the life of pipelines to achieve design life and eliminates the requirement of expensive conventional measurements. This system is cost effective and meets international standards and compatibility," Reddy added.

Oil India chairman and managing M.R. Pasrija said: "This joint venture is the culmination of successful field testing of the new technology carried out over a 50 km pipeline in the Jagiroad and Guwahati sector.

"We are certain it will enhance value to our existing pipelines and the new customer base," Pasrija said.