In February this year, EKC International FZE in its board meeting in Dubai had given its in-principle approval for setting up of a CNG cylinder production facility in Egypt.
Everest Kanto Cylinder | The company reported consolidated profit at Rs 4.44 crore crore in Q4FY21 against loss of Rs 0.59 crore, revenue jumped to Rs 284.29 crore from Rs 198.66 crore YoY.
Everest Kanto Cylinder’s share price was locked in a 5 percent upper circuit on April 21 after signing a joint venture with Dr. Mohamed Saad Eldin to become the market leader in CNG cylinder manufacturing in the Middle East and North Africa (MENA).
The stock was frozen at the day’s high price of Rs 210.70 on the BSE and its market capitalisation stood at Rs 2,364.22 crore.
The company on Thursday informed exchanges that its subsidiary EKC International FZE (Dubai) has entered into a joint venture agreement with Dr. Mohamed Saad Eldin, Chairman of Saad Eldin Group, Egypt, on April 19.
In the said joint venture company, the subsidiary will have 80 percent shareholding and the rest 20 percent is held by Mohamed Saad Eldin.
Everest Kanto intends to become the market leader of CNG cylinder manufacturing in the Middle East and North Africa (MENA) region by 2026 leveraging on the strong track record and the know-how of EKC International Dubai and the high potential in the Egyptian and African Markets.
In February this year, EKC International FZE in its board meeting in Dubai had given its in-principle approval for setting up a CNG cylinder production facility in Egypt.
Established in 1978, Everest Kanto Cylinder is a global manufacturer of seamless steel gas cylinders with over 20 million industrial gas and CNG cylinders currently in service.
It operates two manufacturing facilities in India at Tarapur (Maharashtra) and Kandla SEZ (Gujarat) and its two international facilities are at Jebel Ali Free Zone in Dubai and Pittsburgh (PA) in the USA. The company has an aggregate capacity of about 1 million cylinders annually.
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