Everest Kanto Cylinder (EKC), the Mumbai-based industrial and CNG cylinders development and production firm, has announced plans to invest $50m in an expansion and modernisation project in India.

As part of the company's investment scheme, it plans to set up a new unit for the manufacture of CNG cylinders in a Special Economic Zone (SEZ) and attend to the modernisation and debottlenecking of facilities at its Tarapur plant.

Further expansion at the company's Gandhidham plant in India, for manufacturing industrial cylinders and large size jumbo cylinders, was also announced to the Bombay Stock Exchange.