Everest Kanto Cylinder subsidiary enters into JV agreement for investment in Hungary

EKC International FZE, WOS of the company in Dubai has entered into JVA with Rev Gas Industries Ltd, Hungary on June 09, 2021.

Jun 11, 2021 11:06 IST India Infoline News Service

EKC International FZE, Wholly Owned Subsidiary of Everest Kanto Cylinder Limited in Dubai has entered into a Joint Venture Agreement with Rev Gas Industries Ltd, Hungary on June 09, 2021, on investment opportunities in Hungary.

The JV is to set up a state-of-the-art manufacturing plant in Hungary to design, develop, test, manufacture, distribute, supply, and sell Seamless high pressure Gas Cylinders (CNG & Industrial) and Cascades for bulk storage along with the assembly thereof for the European Markets.

The Joint Venture Company's (EKC Europe Zrt.) share capital consists of 100 registered ordinary shares of 1,000,000 HUF (Hungarian Forint) in nominal value. The contribution from EKC International FZE (80%): Equity 8 crore HUF and Rev Gas Industries Ltd (20%): Equity 2 crore HUF.

At around 11.57 AM, Everest Kanto Cylinder Ltd was trading at Rs99.50 per piece up by Rs1.25 or 1.27% from its previous closing of Rs98.25 per piece on the BSE.

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