By: ICN Bureau
Last updated : April 03, 2021 10:19 am
Everest Kanto Cylinder Limited has received in India a remittance equivalent of RMB 54.62 million
Everest Kanto Cylinder Limited has received in India a remittance equivalent of RMB 54.62 mn and EKC International FZE, Dubai has received a remittance equivalent of RMB 30.77 mn
Everest Kanto Cylinder Limited has sold its China subsidiary EKC Industries (Tianjin) Co. Ltd. to You Yuan Office Union (Tianjin) Co. Ltd. after receiving requisite approvals from Chinese authorities for making outward remittance.
The shareholders of EKC Industries (Tianjin) Co. Ltd. i.e. Everest Kanto Cylinder Limited, India and EKC International FZE, Dubai (wholly owned subsidiary of Everest Kanto Cylinder Limited in Dubai) have received remittance equivalent of RMB 85.39 million post retention of RMB 8.11 Million, towards the equity sales proceeds of EKC Industries (Tianjin) Co. Ltd.
On March 31, 2021, Everest Kanto Cylinder Limited has received in India a remittance equivalent of RMB 54.62 million and EKC International FZE, Dubai has received a remittance equivalent of RMB 30.77 million, proportionate to their shareholding of 63.96% and 36.04% respectively in EKC Industries (Tianjin) Co. Ltd.
Everest Kanto Cylinder Limited established in 1978 is a leading manufacturer of seamless steel gas cylinders with an annual group turnover exceeding Rs. 550 crore. From pioneers in development & production of gas cylinders, EKC today is a synonym of safety with well over 2.4 million industrial gas cylinders and 1.1 million CNG cylinders in service.