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Our Bureau

Mumbai , Nov. 10

Everest Kanto Cylinder Ltd (EKC), engaged in manufacture of high-pressure gas cylinders, on Friday announced that Brightwill Ltd, a subsidiary of a fund managed by CLSA Private Equity Management Ltd, has invested $20 million in the company. Brightwill has been allotted 18.96 lakh equity shares of the face value of Rs 10 each, fully paid-up at a price of Rs 485 per share on preferential basis.

A company press release said the proceeds of the preferential issue will be used to part-fund its ongoing expansion plans in China, Dubai and India.

The company, through its wholly owned subsidiary, has set up a new manufacturing facility at Dubai to cater to the demand potential from West Asia and CIS countries.

The production at the new unit is expected to commence before 2006-end.

EKC recently commissioned its greenfield plant at Gandhidham in Gujarat with a capacity of 3,40,000 cylinders per annum.

Further, it has formed a separate wholly owned subsidiary Companyin China named EKC Industries (Tianjin) Co Ltd to manufacture high pressure gas cylinders and other allied products, with plans to invest $50 million in the China project.

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