Worthington Industries Inc announced that its Worthington Cylinders segment has entered into an agreement to acquire a 60% interest in Nitin Cylinders Limited located at Visakhapatnam in India to expand Worthington’s presence in the growing alternative fuels cylinder market.

Nitin Cylinders Limited is a subsidiary of Nitin Fire Protection Industries Ltd, a group company of the Nitin Group of Companies. Nitin Cylinders Limited manufactures high pressure, seamless steel cylinders for compressed natural gas storage in motor vehicles. Nitin Cylinders Limited also produces cylinders for compressed industrial gases. Nitin Cylinders Limited’s annual sales are approximately USD 11 million USD. Nitin sells cylinders in India, United Arab Emirates, Pakistan, Bangladesh, United Kingdom, Singapore and Malaysia.

Worthington release said “This joint venture will also strengthen our product offering in the growing clean power storage market as alternative fuel use gains momentum internationally for economic and environmental reasons.”

Mr Garry Goussetis president of Worthington Cylinders said “Our Nitin partnership will give us the opportunity to expand our global presence in the emerging market of India. This joint venture will also strengthen our product offering in the growing clean power storage market as alternative fuel use gains momentum internationally for economic and environmental reasons.”

Mr Nitin Shah chairman of the Nitin Group said “The joint venture will help Nitin Cylinders benefit from the global experience and technical capabilities of Worthington Cylinders and should better position the business to grow CNG both domestically and in international markets.”