ISGEC bags breakthrough order from Hindalco Industries

Isgec has won its first breakthrough order for a Semi-Dry FGD (Circulating Fluidised Bed Scrubbers) System from Hindalco Industries Limited for one of their 150 MW Units at Mahan Aluminium at Singrauli, Madhya Pradesh.

Though the Letter of Intent from Customer was received in February 2020, the contract signing could take place only after the lockdown was lifted. The project was won through competitive bidding against other technology providers.

Isgec has a technology licensing agreement with Sumitomo SHI FW (SFW) for Semi-Dry FGD (Circulating Fluidized Bed Scrubbers) and it is this advanced technology that will be used for the Hindalco project as a first for the Indian market.

As per Mr. Tomas Harju-Jeanty, CEO of Sumitomo SHI FW - "SFW is excited to continue to serve the important Indian market with innovative technology solutions and we thank Hindalco Industries for this important order indicating their confidence in our market leading Circulating Fluidized Bed Scrubber technology. SFW and Isgec Heavy Industries collaboration provides a proven and competitive solution for meeting the Government of India's clean air initiatives".

The broad scope of the project includes Design, Engineering, Manufacturing, Supply, Civil Works, Construction, Commissioning and Performance Guarantee Testing for the complete Semi-Dry Flue Gas Desulphurisation System Package (SDFGD) for the 150 MW Unit.

The schedule for completion of the project is 22 months. The Order Value is INR 126.5 Crores. Isgec's Technology Partner Sumitomo SHI FW is a pioneer in the field of Semi-Dry FGD Technology and has 77 units operational globally, with largest unit being 420 MWe based on Single Absorber design. This order is an addition to Isgec's FGD Order Book as Isgec is already executing Orders from NTPC Limited for Wet FGD Packages for two of its plants at Kudgi (3x800 MW) and Gadarwara (2x800 MW).

Shares of ISGEC Heavy Engineering Ltd was last trading in BSE at Rs.263.95 as compared to the previous close of Rs. 265.55. The total number of shares traded during the day was 16179 in over 351 trades.

The stock hit an intraday high of Rs. 270.8 and intraday low of 262.4. The net turnover during the day was Rs. 4296774.

Source : Equity Bulls

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