Confidence Futuristic Energetech Limited announced it has acquired 50 per cent stake in Maruti Koatsu Cylinders Limited.
According to the company’s exchange filing, “we inform you that Confidence Futuristic Energetech Limited has acquired 50% stake in M/s MARUTI KOATSU CYLINDERS LIMITED based at Halol, Gujarat. M/s MARUTI KOATSU CYLINDERS LIMITED has an operational plant with an annual capacity to manufacture 1,80,000 p.a high pressure/CNG cylinders.”
Commenting on the development, Nitin Khara, the Chairman & Managing Director of Confidence Futuristic Energetech Limited, said – “With the growing demand of CNG in the coming years this move will help to achieve further growth for the company. Further, this acquisition will provides competitive and locational advantage to the company. This move will further help to bring clean and green fuel CNG to every corner of the country.”
Maruti Koatsu Cylinders is a Gujarat-based industrial company that manufactures high pressure seamless cylinders for gases, compressed natural gas (CNG) and cascades.
HrNxt.com Newsdesk has researchers and writers with an excellent domain knowledge about the talent ecosystem, and the business environment. The team keeps a tab on the latest happenings in the ecosystem to bring most relevant news and insights for our readers. You can connect with our newsdesk at newsdesk@hrnxt.com.