Everest Kanto Cylinder Ltd Share Price

History of Everest Kanto Cylinder Ltd

Everest Kanto Cylinder Limited (EKC), established in 1978, is a clean energy solutions Company and a leading global manufacturer of seamless gas cylinders. EKC operates two manufacturing facilities in India located at Tarapur (Maharashtra) and Kandla SEZ (Gujarat) and two international facilities through subsidiaries at Jebel Ali Free Zone in Dubai and Pittsburgh (PA), USA, with an aggregate capacity of over 1.5 million cylinders annually. It offers a diverse product line, including industrial, CNG, and jumbo cylinders, catering to the high-pressure storage needs of gases like oxygen, hydrogen, nitrogen, argon, helium, and air. These products find applications across various industries, including manufacturing, fire equipment/ suppression systems, medical establishments, aerospace/ defens ...e, and automotive sectors, serving the customers. Further, the Company is engaged in the trading of fire extinguishment and related equipment and castor oil. The company in collaboration with Kanto Koatsu Yoki Manufacturing Company, Japan set up a manufacturing unit in Aurangabad. In the year 1981, they started commercial production in their Aurangabad plant. In the year 1985, they expanded their manufacturing capacity with in-house technology by setting up a new facility at Tarapur to manufacture the widest range of High Pressure Gas Cylinder. The company set up a new state of the art manufacturing facility at Dubai, in order to tap the emerging potential for cylinders in Iran, Pakistan and Bangladesh. This plant commenced their production during the year 2003-04. In April 2005, the company entered into a joint venture agreement with China based Cangzhou Gas Corporation for producing and selling high pressure gas cylinders. In December 2005, the company commenced their production at Gandhidham which has the production capacity of 340000 cylinders per annum. During the year 2006-07, the company formed two wholly owned subsidiary namely EKC International FZE in Dubai and EKC Industries (Tianjin) Ltd in People's Republic of China. The company sold their fixed assets of their branch at Dubai to EKC International FZE, Dubai. This unit catered the growing demand from South East Asia, Middle East and CIS countries. In October 2007, EKC International FZE, the wholly owned subsidiary of the company in Dubai successfully commissioned their second plant in Dubai. During April 2008, EKC International FZE, wholly owned subsidiary of the Company in UAE has formed a wholly owned subsidiary in Hungary by the name of EKC Hungary Ltd. Further, EKC Hungary Ltd formed a wholly owned subsidiary in USA by the name of CP Industries Holding Inc. In April 21, 2008 EKC group acquired all the assets of CP Industries Inc, a division of Reunion Industries Inc, USA for an amount of USD 66.3 million. EKC Industries (Tianjin) Co Ltd, the wholly owned subsidiary of the company in People's Republic of China completed the trial production phase and commercial production commenced during May 2008. In October 2008, the company received an order for a value of USD 13 million form Pakistan and Middle East countries for the supply of CNG cylinders through their wholly owned subsidiary, EKC International FZE, Dubai. In April 2009, EKC acquired a majority stake (72.65%) in Calcutta Compressions & Liquefaction Engineering Private Limited (CC&L), a company located in Kolkata. The Company had raised Rs. 81 crores by allotting 6,000,000 equity shares to 2 schemes of Reliance Mutual Fund on a preferential basis at Rs. 135/- per equity share (including a premium of Rs. 133/- per share) on 19th June, 2010. The Company established a wholly owned subsidiary (WOS) in Thailand on 7th Oct, 2010 by the name of EKC Industries (Thailand) Co. Ltd. in 2011. During the year 2012, EKC International FZE, a wholly owned subsidiary of the Company, set up a wholly owned subsidiary in Germany, EKC Europe GmbH. During 2016-17, the Company sold Companies Land and Building along with electric installations situated at Gandhidham, Gujarat to SNF Flopam India Private Limited, for the consideration of USD 29 Million (approx. Rs 194 crore), through which the approval was sought by Company on September 17, 2016 for the sale of aforesaid land and building of the Company. The Company formed new wholly owned subsidiary Company as Next gen Cylinder Private Limited in 2017. On July 11, 2020, the Company acquired additional 27.35% of equity share capital of Calcutta Compressions & Liquefaction Engineering Ltd, thereby making it wholly owned subsidiary Company and transferred 72.65% of Equity Share Capital of EKC Positron Gas Ltd, which thereby ceased to be a subsidiary Company.