Everest Kanto Cylinder's wholly-owned subsidiary forms JV; Stock zooms 5%

21 Apr 2022 , 01:06 PM

EKC International FZE, Wholly-Owned Subsidiary of Everest Kanto Cylinder Limited (Dubai) has entered into a Joint Venture Agreement with Dr. Mohamed Saad Eldin, Chairman of Saad El Din Group, Egypt on April 19, 2022.

According to the filing, the purpose of agreement is to become the market leader of CNG cylinders manufacturing in the Middle East and North Africa (MENA), region by Year 2026 leveraging on the strong track record and the know-how of EKC International Dubai and the high potential in the Egyptian and African Markets.

At around 1:10 PM, Everest Kanto Cylinder was trading at Rs210.70 per piece up by Rs10 or 4.98% against its previous closing of Rs200.70 per piece on the BSE.