French major all set to enter Indian gas sector
May 19th, 2011 - 6:23 pm ICT by IANSChennai, May 19 (IANS) Foraying into the Indian cryogenic gas sector, French major Cryolor SA will inaugurate its facility here Friday, said a top company official.
“Our facility will be inaugurated tomorrow (Friday). We have invested Rs.45 crore,” Managing Director of Cryolor Asia Pacific Ravin Mirchandani told reporters here Thursday.
The French company’s wholly-owned subsidiary Cryolor Asia Pacific has invested Rs.45 crore in its plant here with a capacity to make around 300 containers on a single shift basis.
Cryogenic gases are gases like oxygen, nitrogen, argon, carbon dioxide, liquefied natural gas (LNG) in liquefied state at low temperatures. India has cryogenic gas storage tanks worth Rs.400 crore.
The French major has taken on 70 employees and plans to increase further over a period of time. It has set a target of Rs.60 crore-worth production by 2015, he said.
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Tags: argon, asia pacific, carbon dioxide, chennai, containers, crore, cryogenic gases, french company, gas lng, gas sector, gas storage tanks, managing director, mirchandani, natural gas, nitrogen, oxygen, period of time, ravin, shift basis, target