Time Technoplast on Tuesday announced the completion of testing of Type-IV Composite Cylinders for 'On Board' Application under the close supervision and guidance of Petroleum and Explosives Safety Organization (PESO) and Burea Veritas.
Time Techno said that the formal letter of approval from PESO is expected shortly.
The company added that this is the first that Type-IV Composite Cylinders for 'On Board' applications have been manufactured in India and has undergone the most stringent performance tests under International Standards.
"Besides the OEMs who have explicitly expressed their preference for Type-IV Cylinders vis-a-vis Type-I (Steel Cylinder) owing to huge advantages in terms of life expectancy, safety, lightweight (approx. 80% less weight than Steel Cylinder of equivalent capacity) etc. There is a significantly large conversion market that is fast expanding due to better availability of CNG closer to medium and small towns. Whereas the Company stops short of quantifying business potential, it remains hugely optimistic about its future growth," Time Techno said.
On Sensex, Time Techno ended at Rs58 per piece up 1.75%.