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Confidence Petroleum's subsidiary acquires over 75% stake in Sarju Impex

Capital Market 

Confidence Petroleum India announced that its subsidiary - Futuristic Energetech has taken over 75% equity of Sarju Impex, situated at Dahej SEZ in the state of Gujarat.

The unit is operational and is engaged in the activity of manufacturing of high pressure oxygen and CNG cylinders.

The unit has the capacity to manufacture 1,80,000 high pressure oxygen and CNG cylinders per annum.

The Board of Directors mentioned that using the expertise with cylinder manufacturing, we will ensure that the Company will push for further easing the supply crunch of oxygen cylinders in this time of distress.

The acquisition is also a major step towards the integration plans within the CNG value chain and assist the CGD companies to expand their station network through cascades and ensuring availability of CNG cylinders for automobile vehicle. Ensuring green and clean fuel is within reach of every citizen.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, June 01 2021. 11:30 IST