Manali Petrochemical Ltd (MPL) and Econic Technologies have entered into a Memorandu of Understanding (MoU) for introducing a more environment friendly, CO2 containing polyols, into the $28Bn global polyols market.
MPL has signed a MoU with Econic Technologies to scale their catalyst technology which would enable substitution of fossil based raw materials with captured waste CO2 in the production of polyols. The partnership involves MPL and Econic collaborating to scale the technology at MPL's pilot plant in India. On successful completion, this will be followed by the introduction of the process to one of the production trains in MPL's main plant. The shared intent is to bring CO2 containing polyols to MPL's customers.
Muthukrishnan Ravi, Managing Director of MPL said: "We are happy to be collaborating with Econic in testing and commercial development on this green initiative that is line with our vision of being a responsible corporate citizen."
Ashwin Muthiah, Chairman of AM International, Promoter Group said: "It's an important step in the right direction. Sustainability of raw material supply and protecting the environment is critical for future generations."
Keith Wiggins, CEO of Econic Technologies said: "We are excited to begin working with the MPL team, the industry leader in India, to help them serve their vibrant and growing polyurethane market with sustainable CO2 containing polyols."
Shares of Manali Petrochemicals Ltd., was last trading in BSE at Rs. 106.6 as compared to the previous close of Rs. 104.6. The total number of shares traded during the day was 300898 in over 3663 trades.
The stock hit an intraday high of Rs. 108.15 and intraday low of 99.9. The net turnover during the day was Rs. 31523720.