Everest Kanto invest in Chinese operations


Everest Kanto Cylinder has bagged export orders worth Rs 2.2bn ($54.3m) for the supply of specialized cylinders to the Chinese market.

The company plans to invest $50m in the first phase of its China operation. It has formed a separate wholly owned subsidiary EKC Industries (Tianjin). The company is now planning to increase the capacity to 1.5 million cylinders in the next 3-4 years.

During the quarter ended Dec.31, 2006, the company`s profits jumped to Rs 168.73m ($4.2m) compared with Rs 87.29m ($2.15m), a year ago. Net sales for the quarter ended Dec.31, 2006 also rose 22.77 percent to Rs 708.3m ($17.5m) compared with Rs 576.91m ($14m), a year ago.

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