Worthington Industries, Inc. has recently revealed that its Worthington Cylinders segment has entered into an agreement to acquire a 60% interest in Nitin Cylinders Limited (NCL) located in Visakhapatnam, India, to expand Worthington’s presence in the growing alternative fuels cylinder market.
NCL is a subsidiary of Nitin Fire Protection Industries Ltd. (NFPIL), a group company of the Nitin Group of Companies. NCL manufactures high pressure, seamless steel cylinders for compressed natural gas (CNG) storage in motor vehicles.
NCL also produces cylinders for compressed industrial gases. NCL’s annual sales are approximately US$11m.
“Our Nitin partnership will give us the opportunity to expand our global presence in the emerging market of India,” said Harry Goussetis, President of Worthington Cylinders.
“This joint venture will also strengthen our product offering in the growing clean power storage market as alternative fuel use gains momentum internationally for economic and environmental reasons.”
Nitin Shah, Chairman of the Nitin Group, added, “The joint venture will help Nitin Cylinders benefit from the global experience and technical capabilities of Worthington Cylinders and should better position the business to grow CNG both domestically and in international markets.”
Nitin sells cylinders in India, United Arab Emirates, Pakistan, Bangladesh, UK, Singapore and Malaysia.