Time Technoplast Limited announced that Company has successfully developed and has finally received coveted approval from Petroleum And Explosives Safety Organization (PESO) (formerly CCOE) and Bureau Veritas under International Standard ISO: 11119-3:2013 as applicable. This is the first time in India that locally produced Type-IV CNG Cylinder has been accorded this approval for CNG Cascades. This puts Company amongst top 5 manufacturers worldwide (nearest South Korea and Norway) who have necessary approval for Carbon Fibre Type-IV Composite Cylinders for CNG Cascades. CNG Cascades with Type-IV Carbon Fibre Composite Cylinders are light weight (25% of steel cylinder), EXPLOSION PROOF and offer long service life (No corrosion/Rusting). Such Cascades are able to carry x2 times of CNG compared to equivalent Cascade of steel cylinders. With the local manufacture, Company's Cascades with Type-IV Cylinders will compare well with presently used metal cylinder cascades in the initial capital cost. The operating cost will be less than half due to larger carrying capacity of CNG and overall reduction in weight. In view of ever increasing use of CNG in India as an alternate fuel, all CNG distributing compariies are expanding their reach /supply which require large number of CNG Cascades. With the lesser capital and operating cost, Cascades with Type-IV Cylinders will be the first choice of CNG distribution companies. Company has received overwhelming response from the users. It is estimated that the present market for CNG Cascades in India is around INR 6,000 million per year to INR 8,000 million per year with high double digit growth. With PESO approval in hand, Company will aggressively participate to tap significant market share in India and explore large export potential.