US co buys majority in Nitin Cylinders

Nitin Fire is a leading domestic player,providing end-to-end solutions for fire protection,safety and security,while its subsidiary Nitin Cylinders is one of the largest manufacturers of compressed natural gas (CNG) cylinders in India,having a capacity of 5 lakh tonnes per annum.

On the other hand,Worthington Industries is a diversified metals manufacturing company and manufactures pressure cylinders,light gauge steel framing for commercial and residential constructions among others.

“The JV will help NCL benefit from the global experience and technical capabilities of Worthington Group. It will help the business grow for CNG and Industrial cylinders both international and domestic markets,” Nitin Group Chairman Nitin Shah said.

Commenting on the deal,Worthington Cylinders President Harry Goussetis said,”our partnership will give us the opportunity to expand our global presence in the emerging markets of India.”

Scrips of Nitin Fire closed today at Rs 77.55 apiece on the Bombay Stock Exchange,down 0.26 per cent from the previous close.