Indus Towers signs Agreement with IOC Phinergy for deployment of clean energy systems based on aluminium-air technology

Indus Towers Limited and IOC Phinergy Private Limited (IOP) have signed an Agreement for deployment of 300 zero-emission energy systems based on aluminium-air technology, to optimize Diesel consumption at Indus' telecom tower sites. This development accelerates Indus Towers' progress towards its sustainability priorities. 300 Energy Systems to be supplied by IOC Phinergy, which will be deployed in the next few quarters as a pilot project.

Prachur Sah, Managing Director & Chief Executive Officer, Indus Towers said, "As part of the company's ESG vision, Indus Towers believes in nurturing Environmental Stewardship, being Socially Responsible and having a Robust Governance. Indus Tower's Agreement with IOP is a testimony of the company's commitment to build eco-friendly telecom tower sites by investing in solutions for resource optimisation. This is also in line with Indus' commitment to delivering its services without compromising on network uptime and quality of service to its customers."

Sanjeev Gupta, Director, IOP, said, "The clean long-duration energy solution supplied and serviced by IOP will contribute to Indus' commitment to deliver its sustainability goals towards GHG emissions through reduction in diesel consumption without compromising on network uptime and quality of service to its customers."

IOP is a joint venture company formed by IOCL and Phinergy Ltd., Israel to develop, manufacture, sell and service aluminium-air systems using Phinergy's technology in India. Phinergy is a world leading developer of clean energy systems based on aluminium-air technology for stationary and mobility applications. Phinergy's Al-Air energy systems generate clean energy from aluminium and provide a zero- emission energy solution for short and long duration of unavailability of grid power for telecom network.

Shares of Indus Towers Limited was last trading in BSE at Rs. 191.70 as compared to the previous close of Rs. 189.50. The total number of shares traded during the day was 408204 in over 3913 trades.

The stock hit an intraday high of Rs. 197.15 and intraday low of 191.05. The net turnover during the day was Rs. 79102011.00.

Source : Equity Bulls

Keywords

IndusTowers INE121J01017 IOCPhinergy Agreement