Everest Kanto Cylinder Ltd completes acquisition of the Kolkata-based Calcutta Compressions and Liquefaction Engineering Pvt Ltd (CC&L). According to an EKC release, the company has acquired 72.65 per cent controlling stake in CC&L for Rs 2.4 crore.
When contacted, Mr Kingshuk Ghosal and Mr Srikanta Chatterjee, former co-promoters of CC&L, however, said the company was sold for a total consideration of Rs 3.27 crore. While CC&L acquired the majority stake, Positron Energy (a consultant of EKC) acquired the residual stake.
CC&L has an existing gas purchase agreement with ONGC for sourcing 5,000-50,000 standard cubic metre of gas per day from ONGC’s coal bed methane (CBM) project at Parnbatpur in Jharkhand.
According to EKC, the company will initially supply of gas to the industrial customers in and around Dhanbad and Boraro in Jharkhand. The company will transport gas to industries using cascades and jumbo cylinders. There is also potential for city gas distribution in the eastern region in the future.
“With the growing demand for CNG in various parts of the country, including for industrial use, this acquisition will prove beneficial and offer perfect synergy to EKC’s business,” the company Chairman and Managing Director, Mr Prem Khurana, said.
Source: The Hindu Businessline