Time Technoplast Limited has secured a significant order valued at approximately ₹87.53 crore for the supply of Type IV Composite CNG Cylinders and Mobile Storage Cascades. The order comes from a well-established Public Sector Undertaking (PSU), a joint venture of two Maharatna PSUs. This contract will support the expansion of natural gas infrastructure and underscores Time Technoplast’s position as a key player in India’s growing CNG market.
Major Order for Composite CNG Cylinders
Time Technoplast Limited has announced the receipt of a substantial order from a prominent Public Sector Undertaking (PSU). The contract, valued at approximately ₹87.53 crore, is for the supply of Type IV Composite CNG Cylinders and Mobile Storage Cascades. This marks a significant win for the company in the rapidly expanding compressed natural gas (CNG) sector.
Supporting India’s Gas Infrastructure Expansion
The ordered composite cascades are slated for deployment across the PSU’s existing CNG and City Gas Distribution (CGD) network. This initiative is designed to bolster the expansion of natural gas infrastructure, crucial for both transport and industrial applications within the state. The company highlighted its strong track record in executing similar projects for major gas distribution entities, reinforcing the PSU’s status as a repeat customer.
Market Leadership and Product Advantage
This new order further solidifies Time Technoplast’s position as India’s first and only manufacturer with PESO (Petroleum and Explosives Safety Organisation) approval for Type IV Composite cylinders across LPG, CNG, and hydrogen applications. The announcement detailed the inherent advantages of Type IV composite cylinders over conventional steel alternatives, including lighter weight, enhanced gas-carrying capacity, superior corrosion resistance, and improved safety benefits. These attributes are increasingly driving their adoption by CGD companies as they scale up their CNG and PNG infrastructure nationwide.
Order Details and Execution
The order is for the supply of Type IV Composite CNG Cylinders and Mobile Storage Cascades for CNG and CGD network. The entity awarding the contract is described as a well-established PSU and a domestic entity. The execution of this order is expected to be completed within 1 year from the award date. The broad consideration for this order is approximately ₹87.53 Crores. The company also clarified that the promoter/promoter group and group companies do not have any interest in the entity that awarded the contract, and the transaction is not considered a related party transaction.
Source: BSE
