Stock Report

EIL and CHEMPOLIS enters into Strategic Alliance for Green Technologies

Posted On : 2021-11-25 21:10:09( TIMEZONE : IST )

Engineers India Limited (EIL) and CHEMPOLIS OY, Finland have signed a strategic alliance for conversion of Biomass to Green fuels.

In the changing global energy landscape, biomass-based fuels are promising alternative for supplementing fossil fuels towards a sustainable energy future. In addition to this, biomass can be utilized to produce value added products such as phenolic resins that has the potential to substitute a lot of products obtained from fossil fuels. GoI has also set a target to achieve 20% blending of ethanol in gasoline by the year 2025. Many biomass-based product facilities are expected to be installed in the coming years in India and across the world to fulfill the demand of green products. Also, both the organizations operate in the Indian subcontinent market and have complementary products and/ or services and thus this association will add value in presenting the synergized and regulatory compliant products and services to end customers in Indian subcontinent.

This agreement shall pave the way to pursue business development in the sunshine area of Renewables i.e. Cellulosic 2G Ethanol Technology. This is an important milestone for EIL in expanding its wings into the futuristic green technologies beyond robust Oil & Gas portfolio and continues the journey towards building the Nation's future towards Net Zero.

This arrangement also paves way for Chempolis to bring to the Nation innovation & technology in the area of Green & Renewable products.

The Collaboration Agreement was signed on 24th November, 2021 between EIL and CHEMPOLIS at the EIL Head Office, New Delhi. The agreement was executed in the presence of Ms. Vartika Shukla, C&MD, EIL, Mr. SK Handa, Director - Projects EIL, Mr. AK Kalra, DirectorHR EIL, Mr Sanjay Aggarwal, MD Fortum India and Mr Faizur Rehman, Head-Bio2X, Fortum.

Shares of Engineers India Limited was last trading in BSE at Rs. 71.70 as compared to the previous close of Rs. 71.50. The total number of shares traded during the day was 161488 in over 1451 trades.

The stock hit an intraday high of Rs. 72.05 and intraday low of 71.00. The net turnover during the day was Rs. 11557159.00.