Engineers India Limited (EIL) and Institute of Chemical Technology (ICT) have signed a Memorandum of Agreement (MoA) for joint development of technology for large scale cultivation of algae and extraction of value added products. The MoA was signed by Prof. Padma V. Devarajan, Dean, Research & Innovation, ICT and Shri Suresh Chandra Gupta, CGM and Head, R&D Division, EIL on 16th December, 2021 in the presence of Prof. Aniruddha B. Pandit, Vice Chancellor, ICT and Ms. Vartika Shukla, C&MD, EIL.
Under the MoA, EIL and ICT will jointly develop algal technology for large scale cultivation and extraction of value added products from laboratory scale studies. This MoA will not only enrich EIL's and ICT's technology portfolios, but also mark a significant step in the direction of the Government's push towards biofuel initiative.
Value-added chemicals such as antioxidants and pigments from algae have high futuristic scope and commercial value as natural additives in nutraceutical, cosmetics, pharmaceutical industries etc. The demand for these bio-based value-added chemicals is increasing at an exponential rate. As a premier Academic Institute, ICT is engaged in basic and applied research & development of sustainable technologies and has a strong track record in algal research including establishing growth parameters at the laboratory scale. This is perfectly complemented by the strengths of leading engineering consultancy company EIL, whose considerable experience and capabilities in design and engineering can be leveraged to scale-up and establish these technologies at industrial scale. Both organizations will jointly develop the technology including its Design Package and make the technology ready for commercialization.
Shares of Engineers India Limited was last trading in BSE at Rs. 71.20 as compared to the previous close of Rs. 72.20. The total number of shares traded during the day was 106224 in over 1126 trades.
The stock hit an intraday high of Rs. 72.90 and intraday low of 71.05. The net turnover during the day was Rs. 7604027.00.