By Cassandra Mascarenhas
Keeping true to its promise to be at the forefront of innovation, Sri Lankan conglomerate Laugfs Gas PLC yesterday entered into a partnership with India’s number one energy giant Fortune 500 company, Bharat Petroleum Corporation Limited, in order to introduce to the local market a new ‘metal cutting gas.’
The gas, which will be launched this month under the brand name ‘Laugfs Bharat Metal Cutting Gas’ (LBMCG), is expected to revolutionise the industrial sector by offering safe cutting gas at a lower cost.
It was disclosed at the launch of the gas that LBMCG is a significant breakthrough made after extensive research and development in the metal cutting and brazing applications industry by Bharat Petroleum Corporation.
Under this new joint venture, the company will import and sell this product in Sri Lanka with the technical and operational services provided by the Indian company. Although Bharat Petroleum now distributes this gas to various countries globally, this is the first time that the Fortune 500 company, which is owned by the Government of India, has agreed to a joint branding with a local counterpart.
“With our diversification into over 15 different sectors, the introduction of this product is our first step into the industrial gas sector. We will keep diversifying into new areas in order to bring value to our many stakeholders,” stated Chairman of Laugfs Gas PLC, W.K.H. Wegapitiya.
“We are delighted at the level of interest and excitement that our new product offering is generating here in Sri Lanka and we are looking forward to continuously add value to both industries and homes with our ever-growing product portfolio in the years to come.”
Laugfs Gas Limited will use its existing and new infrastructure to ensure that this new product will be available across the country, including in the north and east in order to boost the country’s industrial sector by giving considerable cost savings to industrial users.
LBMCG is a hydrocarbon based industrial gas with a high flame temperature which produces an unparalleled fine cut finish at a very low cost in comparison to the gas it will now replace. The new product is easier to handle and yields 30 to 40 per cent on overall cost savings and also offers safety features and a much safer working environment.
This being their latest offering since the conclusion of their successful IPO a couple of months back, the indigenous company believes that it is poised to benefit from a double digit growth in the industrial market with its strong distribution network, reputed brand name and extensive presence in the north and east.