Confidence Petroleum India subsidiary acquires 50% stake in Maruti Koatsu Cylinders; Stock up 1%

18 Feb 2022 , 11:36 AM

Confidence Petroleum India Limited subsidiary Confidence Futuristic Energetech Limited has acquired a 50% stake in Maruti Koatsu Cylinders Limited based at Halol, Gujarat. Maruti Koatsu Cylinders has an operational plant with an annual capacity to manufacture 1,80,000 (p.a) high pressure/CNG cylinders.

Nitin Khara, the Chairman & Managing Director of Confidence Petroleum India Limited & 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 provide a 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.”

At around 11.39 am, Confidence Petroleum India Ltd was trading at Rs73.45 per share up by Rs0.7 or 0.96% from its previous closing of Rs72.75 on per share the BSE.