Lloyds Engineering Works Ltd inks MOU with The Material Works Ltd

Lloyds Engineering Works Limited (LEWL) has announced a significant milestone in its strategic growth trajectory through a Memorandum of Understanding (MOU) with The Material Works, Ltd. (TMW) for the transfer of cutting-edge and environmentally friendly technology, Eco Pickled Surface (EPS Gen 4), for pickling of all qualities of steel including stainless steel.

The MOU grants LEWL an exclusive right to design, manufacture and sell the EPS Gen 4 technology in India and Bangladesh, affirming LEWL's commitment to sustainable and technologically advanced manufacturing practices. The transfer of this technology to LEWL by TMW over three years will empower LEWL to localise the manufacturing process in India, supporting the 'Make in India' initiative and fostering growth within the domestic market.

Benefits of Eco-Pickled Surface (EPS Gen 4) Technology: Eco-Pickled Surface (EPS Gen 4) is an environmentally conscious and advanced pickling technology that offers several significant benefits over traditional pickling methods:

Eco-Friendly: EPS Gen 4 significantly reduces the ecological footprint by eliminating the need for hazardous acids, minimising pollution, and providing a safer working environment.

Asset-Light: This technology is asset-light compared to primitive pickling methods, reducing operational costs and thus optimising resource allocation for the user industry.

Commenting on this, Mr. Mukesh Gupta, Chairman said: LEWL recognises the immense potential of the Eco Pickled Surface (EPS Gen 4) technology in India and Bangladesh's rapidly growing steel market. As the steel demand continues to surge in these regions, this technology will play a pivotal role in meeting the evolving needs of steel manufacturers. Currently, we are serving numerous steel companies in India, LEWL is strategically positioned to cater to the demand for the EPS Gen 4 technology. We are thrilled about this partnership with TMW, an organisation with a rich history and an impressive 17-year track record in developing, perfecting and recently patenting this groundbreaking technology. The MOU with TMW is a testament to LEWL's dedication to sustainability, innovation, and meeting the industry's evolving needs. We are excited about this collaboration's transformative potential and the value it brings to our shareholders, customers, and the environment.

Shares of Lloyds Steels Industries Limited was last trading in BSE at Rs. 41.88 as compared to the previous close of Rs. 41.85. The total number of shares traded during the day was 195221 in over 1224 trades.

The stock hit an intraday high of Rs. 42.15 and intraday low of 41.10. The net turnover during the day was Rs. 8173118.00.

Source : Equity Bulls

Keywords

LloydsEngineeringWorks INE093R01011 MOU TheMaterialWorks