Time Technoplast Limited has received their single largest order from Maharashtra Natural Gas Limited (a joint venture of GAIL (India) and BPCL), one of the leading City Gas Distribution (CGD) company for supply of CNG Cascades made from Type - IV Composite Cylinders, for a total value of Rs. 134 crore (approximately) to be supplied within one year period.

 

The supply of the order will be completed within one year. Maharashtra Natural Gas Limited reserves the right to place a repeat order within six months of upto 50% of present purchase order value on the same terms and conditions (including rates). 

 

In FY2022, the company had a manufacturing capacity of 180 CNG Cascades (10,800 cylinders) annually. In order to meet growing demand for Type - IV Composite Cylinders for CNG Cascades, the management is undertaking Capex expansion in a phased manner. 

 

In Phase I, the company is increasing the capacity by 300 cascades (18,000 cylinders) in FY2023 with an initial outlay of Rs. 55 crore. 

With the above expansion, the total cascade manufacturing will increase from 180 to 480 cascades (28,800 cylinders) by March 2023. 

 

In Phase II, the management has already undertaken an expansion program to increase the capacity by another 600 cascades (36,000 cylinders) and the same will be completed in Q4 FY2023-24 with an investment of Rs. 125 crore. Total cascade manufacturing after completion of Phase II will be 10,800 cascades (64,800 cylinders) per year from March 2024.