With CNG cylinders in relative short supply around the world, Indian
manufacturer, Everest Kanto (EKC), has outlined expansion plans, with a
new manufacturing plant and a Stock Exchange listing in the offing.
Speaking at ANGVA 2005, Company Director, Puneet Khurana, says EKC
hopes to list on the Bombay Stock Exchange by the end of August, with a
public offering making about 30% of the company stock available
publicly for the first time. Khurana says capital raised from the float
will be used to fund the establishment of new manufacturing plants.
Khurana says the float comes at an opportune time, with the Bombay
Stock Exchange reaching record highs this week.
In addition to a recently announced plant to be manufactured in China
under a joint venture (see NGV Global story), the company is to build a
plant in Kutch, Gujarat, with a capacity of up to 200,000 CNG cylinders
and 140,000 industrial cylinders per year. When completed, the company
will have a total of five plants in operation, three in India, one in
Dubai and one in China.
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