Triple Point Sets Up Shop In Pune IT Park

Pune: | Updated: Nov 28 2002, 05:30am hrs
Triple Point Technology, Inc, a Connecticut, US-headquartered software company which is in the space of energy trading and risk management, has set up operations at the Pune IT Park.

The operations will be converted into a 100 per cent EOU (export oriented unit) in six months. The company is investing $5 million in the operations.

Triple Point general manager Suhas Baxi said Triple Point acquired a US company, Energy Crossroads, which had its Indian operations at Mumbai.

The Mumbai operations have been taken over by Triple Point and will be shifted to Pune. The company starts operation from December 1 at the IT park with plans to go up to 80 engineers by end of 2003.

Crossroads was already working for small to mid-sized utilities and had an infrastructure in place.

The Pune operations will contribute to the core development work as well as offer technical support and client services for about 10 of Triple Points clients in South East Asia, Japan and China.

As global energy markets continue to deregulate, energy producers and trading organisations will require software to manage the risk associated with price, availability and volatility. Only those who adopt technology and minimise the risks that affect their bottomline will survive, Mr Baxi said.

Commodity trading organisations across the world such as BP Amoco, Petronas, Itochu, Mitsui, Duke Energy, ENOC, Marathon, Petrobras, Williams Energy, Glencore and Morgan Stanley are the companys major customers.

With deregulation in the Indian market, the company is also looking at the energy market in India. Triple Points customers in India include Reliance.

The company provides an integrated suite of enterprise-wide trading systems for a multitude of commodities electricity, natural gas, oil, refined products, chemicals and other products.