Confidence Petro gains after unit buys 50% in Gujarat-based firm

Confidence Petroleum India rose 2.89% to Rs 74.85 after the company said its subsidiary, Confidence Futuristic Energetech, has acquired 50% stake in Gujarat-based Maruti Koatsu Cylinders.

Maruti Koatsu Cylinders has an operational plant with an annual capacity to manufacture 1,80,000 (p.a.) high pressure/CNG cylinders.

Nitin Khara, chairman & managing director of Confidence Petroleum India & Confidence Futuristic Energetech said, "With the growing demand of CNG in the coming years this move will help to achieve further growth for the company. Further, this acquisition will provides competitive and locational advantage to the company. This move will further help to bring clean and green fuel CNG to every corner of the country."

On a consolidated basis, net profit of Confidence Petroleum India rose 15.21% to Rs 23.03 crore on 52.45% rise in net sales to Rs 394.03 crore in Q3 December 2021 over Q3 December 2020.

Confidence Petroleum India is engaged in LPG cylinder manufacturing, LPG bottling & blending and running auto LPG dispensing stations.

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