Resports say India's largest CNG and industrial gas cylinder manufacturer, Everest Kanto Cylinders (EKC) is planning to build a new plant in Iran.
The Iran plant was being mulled over 4-5 years, but the plans were shelved for a number of unknown reasons. Everest Kanto has continued its supply to Iran from its Dubai unit and by providing assistance to the local manufacturers for setting up a plant, DNA reported.
The company plans to set up a facility with an initial capacity of 200,000 cylinders a year and will hold 49 percent stake in the project with an investment of $20 million.
The management control of the operation will vest with EKC. This will be EKC's third overseas plant after Dubai and China.