Time Technoplast Limited Announces Successful Development and Receives Coveted Approval from Petroleum and Explosives Safety Organization
August 17, 2020 at 12:18 am EDT
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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.
Time Technoplast Limited is an India-based company, which operates a multinational conglomerate and manufacturers technology-based polymer and composite products. The Company manufactures large-sized plastic drums, composite cylinders, and intermediate bulk containers. The Company's segments include Polymer Products and composite Products. It has manufacturing facilities at approximately 30 locations across the globe (including 20 within India). Its portfolio consists of technology-driven products catering to growing industry segments, such as industrial packaging solutions, lifestyle products, material handling solutions, composite cylinders, infrastructure/ construction related products, and automotive components. It offers industrial packaging products, including polymer drums/barrels, jerry cans and pails for varied packaging requirements. It uses technologies of polymer processing, such as blow molding, injection molding and extrusion molding to produce a range of products.