Everest Kanto Cylinder, India's largest CNG and industrial gas cylinder manufacturer, has hired Origo Sino-India PLC to help expand its business in China.
MUMBAI: Everest Kanto Cylinder (EKC), the largest CNG and industrial gas cylinder manufacturer in the country, has hired Origo Sino-India PLC, an investment and advisory company focused on private equity markets in China and India, to assist the company in expanding its business in the world’s most populous nation.
EKC is setting up a CNG cylinder plant in China with an initial capacity of 2,00,000 cylinders annually. The three-year project would soak up investments worth $75 million. Eventually it would be ramped up to produce 1.5 million cylinders. The facility is expected to go on stream towards the end of the year.
“We are not looking for any equity or capital infusion for our China project. For that, we are adequately funded. Origo is a local company with existing relationships with various government departments and it will be providing us with consultancy services,” said a senior company not wishing to be identified.
In India, Origo has entered into a memorandum of understanding with SBI Capital Markets. Vinay Ganga heads its Indian operations.
Besides providing consultancy in government procedures, Origo’s role will also include looking for acquisition opportunities and helping bag government contracts.
“There are several companies in our line of business in China that don’t have the required technology, production capability and expertise. We could acquire them and augment our own capacity. Origo will help us identify such targets. We will also leverage Origo’s relationship and expertise to win large contracts in the Chinese markets,” the official said.
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