Pondy Oxides and Chemicals Ltd enters into MoU with Tamil Nadu Government

Pondy Oxides and Chemicals Limited has entered into a Memorandum of Understanding (MoU) with Tamil Nadu (TN) Guidance, the nodal agency of Government of Tamil Nadu (GoTN) for Investment Promotion and facilitation, to set up State of the Art Recycling and Manufacturing Plants for Non-Ferrous Metals, Lithium-Ion Batteries, Paper, Plastics and Rubber contributing to SustainabiIity and Circular economy to the state of Tamil Nadu.

The same has been signed and exchanged on 8th January 2024 in Tamil Nadu Global Investors Meet 2024, Chennai.

The Company proposes to invest Rs. 300 Crores to Rs. 500 Crores in the Proposed Projects in the next 5 years in the State of Tamil Nadu and further proposes to employ 1200 (One Thousand Two Hundred) people (Direct and Indirect Employment).

Government of Tamil Nadu has agreed to provide facilitation and support to the company In the form of necessary infrastructural support and regulatory facilitation subject to applicable laws including uninterrupted power supply & other infrastructure support on best-effort basis, filing of the necessary applications through the online portal and a system for effective monitoring of fulfilment of all obligations as agreed to in the MoU through Guidance Bureau.

Shares of PONDY OXIDES & CHEMICALS LTD. was last trading in BSE at Rs. 724.60 as compared to the previous close of Rs. 603.85. The total number of shares traded during the day was 71465 in over 2544 trades.

The stock hit an intraday high of Rs. 724.60 and intraday low of 628.95. The net turnover during the day was Rs. 51180583.00.

Source : Equity Bulls

Keywords

PONDYOXIDESandCHEMICALS INE063E01046 MoU TamilNaduGuidance