Tube Investments of India Limited ("The Company") has been exploring growth opportunities in energy related products. This is in line with its objective to further its interests in this space and also be an enabler to further its sustainability goals.
Acquisition of 50% stake in X2Fuels and Energy Private Limited
In line with its vision, the Company has identified an investment opportunity in X2Fuels and Energy Private Limited ('X2Fuels'). X2Fuels is an early-stage start-up incubated at the National Centre for Combustion Research and Development (NCCRD) at IIT Madras. It was awarded the 3rd prize in the New Generation Ideation Contest conducted by HPCL Green R&D Centre in 2020.
Considering the significant societal impact in waste management and environment sustainability while delivering value through waste valorization, TII plans to invest in X2Fuels to hasten product development and launch.
The acquisition would be by subscribing to 10,753 equity shares for a total consideration of Rs. 6.15 Cr.
Commenting on the acquisition, Mr. M.A.M Arunachalam (known as Arun Murugappan), Executive Chairman of the Company said, "the acquisition of 50% equity stake in X2Fuels will strengthen TII's efforts to make a positive impact in environment sustainability through development of advanced technologies in managing waste and also benefit to achieve circular economy".
Shares of Tube Investments of India Limited was last trading in BSE at Rs. 2602.25 as compared to the previous close of Rs. 2581.75. The total number of shares traded during the day was 14708 in over 1960 trades.
The stock hit an intraday high of Rs. 2637.35 and intraday low of 2571.55. The net turnover during the day was Rs. 38219263.00.