Time Technoplast Ltd to set up composite cylinder unit

Time Technoplast Ltd (TTL), polymer-based product maker, is setting up a unit in Maharashtra to manufacture composite cylinders, its managing director Anil Jain said. TTL is the first company to manufacture composite cylinders in India.The plant will come up at Talasari near the Maharashtra-Gujarat border at an initial investment of Rs 55 crore."Initially we will manufacture only liquefied petroleum gas (LPG) cylinders with a capacity of 1 million cylinders per annum. Later, we will make compressed natural gas cylinders (CNG), too," Jain said. The plant will be commissioned in April 2011. LPG composite cylinders weigh less than half their metal counterparts but come for a higher price. While an oil marketing company can purchase a 14.8 kg metal cylinder for Rs 1,050, a 6.2 kg composite cylinder will come for Rs 1,300.