Cryolor Asia Pacific, a wholly-owned subsidiary of France-based Cryolor SA, is setting up a facility to manufacture storage equipment for liquefied gases. The company will invest Rs 45 crore in the unit coming up at Melmaruvatur, 110 km from Chennai.
The plant is expected to be operational by early 2010 and will manufacture storage equipment for liquid oxygen, nitrogen and LNG, said Ravin Mirchandani, managing director, Cryolor Asia Pacific. The unit is coming up on 13 acres and will have a capacity to manufacture 40-50 tanks every month. Each tank would cost Euro 20,000 to 60,000.
The current market for storage equipment for liquefied gases in India is 100-150 tanks a year. The company expects to capture 30-35 per cent of the market in 2011-12.
The second phase, expected a few years hence, will include an additional plant to manufacture a range of products such as larger storage tanks and transportation equipment. Products manufactured in India will be for both domestic and export markets, he added. The unit is expected to employ 50-60 people initially.
Cryolor has been selling its products in India for the past 19 years. The company hopes to widen its customer base not only in India but also in West Asia and Southeast Asia.
