Lizer Cylinders Ltd, an industrial cylinders manufacturer and a recent entrant into the Indian market, is planning to double its installed capacity to 400,000 cylinders, according to a top company official.

The company has recently raised $10m from private equity firm FirstRand (Ireland) PLC to fund its expansion programme, which will see the development of its manufacturing plant at the Kandla Special Economic Zone in Gujarat - set to take around 8-10 months to complete.

Lizer's Managing Director, Vishal Ramsinghani, told PTI, $quot;Our present installed capacity is 200,000 cylinders. We now plan to expand it to 400,000. At present, India has two-three major players in the CNG and industrial cylinder space. Once the expansion is completed, we will be one of the largest players in India.$quot;

Worldwide, there are 10-12 companies manufacturing CNG and industrial cylinders, with the company present in the export market and currently exporting cylinders to the Middle-East and CIS countries. Lizer Cylinders plan to expand upon this presence though and Ramsinghani commented, $quot;We plan to tap more markets such as Malaysia, Bangladesh, Thailand and Indonesia.$quot;

Ramsinghani also noted that the company would cater to the industrial segment as well, offering high-pressure industrial gas cylinders for the demand of industrial gases such as oxygen and hydrogen, amongst others. Lizer's cylinders are also used in defence, hospitals and fire-fighting.

FirstRand is the private equity arm of South Africa-based Rand Merchant Bank (RMB).