Confidence Petroleum India subsidiary acquires 50% stake in Maruti Koatsu Cylinders Ltd

Confidence Futuristic Energetech Limited, subsidiary of Confidence Petroleum India Limited has acquired 50% stake in M/s MARUTI KOATSU CYLINDERS LIMITED based at Halol, Gujarat.

M/s MARUTI KOATSU CYLINDERS LIMITED has an operational plant with an annual capacity to manufacture 1,80,000 (p.a) high pressure/CNG cylinders.

Mr. Nitin Khara, the Chairman & Managing Director of Confidence Petroleum India Limited & Confidence Futuristic Energetech Limited on the occasion informed that - "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."

Shares of Confidence Petroleum India Limited was last trading in BSE at Rs. 72.75 as compared to the previous close of Rs. 70.30. The total number of shares traded during the day was 235265 in over 1644 trades.

The stock hit an intraday high of Rs. 74.90 and intraday low of 70.05. The net turnover during the day was Rs. 17249804.00.

Source : Equity Bulls

Keywords

ConfidencePetroleumIndia INE552D01024 ConfidenceFuturisticEnergetech StakeAcquisition