GAIL (India) Limited and Energy Efficiency Services Limited (EESL) have signed a Memorandum of Understanding (MoU) today in New Delhi for cooperation in development of Trigeneration projects in India.
The MoU aims at building a closer strategic partnership between the two. companies by jointly exploring business opportunities in Trigeneration business segment in India. Under this MOU, GAIL & EESL shall jointly undertake studies and if found viable, 50:50 joint venture between GAIL & EESL will be incorporated for undertaking Trigeneration projects. Shri Santanu Roy, Executive Director (Business Development & Project Development) signed the MoU on the behalf of GAIL, while Shri Amit Kumar Kaushik, Executive Director (Strategic Growth) inked the MoU on the behalf of EESL in the presence of Shri Manoj Jain, C&MD - GAIL and Shri Saurabh Kumar, MD - EESL through video conference.
Trigeneration or Combined Cooling, Heat and Power (CCHP) typically involves natural gas- fired generators to produce electricity. The waste heat from flue gas is recovered to produce hot water / steam which in turn used for heating purposes and also in absorption chillers for cooling.
During the signing ceremony, Shri Manoj Jain stated, "There is a significant market potential for trigeneration projects in India, particularly small industrial & commercial sectors and office buildings. As trigeneration business is at initial stage, the collaboration would enable to take first mover advantage in the trigeneration business similar to GAlL's city gas business. Further, it would also push gas usage in new applications which is in line with GAIL's Strategy 2030. Accordingly, the strategic partnership between GAIL & EESL is a win- win situation for both the companies".
Shri Saurabh Kumar, Managing Director, EESL added, "The intervention potential of trigeneration technology in revolutionising India's energy landscape is significant. EESL is proud to pioneer the effort towards harnessing this potential with GAIL which will set a precedent for upcoming trigeneration projects. I wish both the parties all the very best for. the successful implementation of this initiative".
Shares of GAIL (INDIA) LTD. was last trading in BSE at Rs.96.3 as compared to the previous close of Rs. 96.65. The total number of shares traded during the day was 553073 in over 3260 trades.
The stock hit an intraday high of Rs. 99.75 and intraday low of 95.8. The net turnover during the day was Rs. 54003528.