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Stock Report
GAIL and Petron sign MoU to explore setting up a bio-ethylene plant in India
Posted On : 2024-08-22 13:38:30( TIMEZONE : IST )
GAIL (India) Limited and Petron Scientech Inc (Petron) have inked a Memorandum of Understanding (MoU) to jointly explore setting up of a 500 Kilo Tons per Annum (KTA) bio-ethylene plant along with its downstream unit(s) in India, based on bioethanol produced in the plant in a 50:50 Joint Venture (JV) mode.
Shri Sumit Kishore, Executive Director (Business Development and Exploration & Production), GAIL and Shri Yogi Sarin, CEO, Petron signed the non-binding MoU yesterday in the presence of Shri Rajeev Kumar Singhal, Director (Business Development), GAIL.
In line with the MoU, GAIL and Petron will jointly undertake feasibility studies to ascertain technical viability and financial prospects of the project. Both the parties endeavour to secure investment approval from their respective management for investment in the project and forming a JV company.
Speaking on the occasion, Shri Singhal said "GAIL is a proud member of India's clean energy infrastructure and is always committed to incorporate initiatives for sustainable development of the nation. We are elated to enter into this strategic relationship with Petron, a pioneer in bio-ethanol to bio-ethylene technology. The MoU signifies a major step towards enhancing sustainable practices and advancing the bio-economy in India. The skills and strengths of both the companies would create a synergy for achieving the objective of MoU. The collaboration between GAIL and Petron is poised to not only foster technological advancements but also drive economic growth and environmental sustainability in India."
Shares of GAIL (India) Limited was last trading in BSE at Rs. 236.20 as compared to the previous close of Rs. 236.65. The total number of shares traded during the day was 929285 in over 8900 trades.
The stock hit an intraday high of Rs. 238.80 and intraday low of 235.50. The net turnover during the day was Rs. 219933424.00.
