Engineers India signs MoA with with ICT for joint development of technology

Engineers India on Thursday announced that it signed a Memorandum of Agreement (MoA) with Institute of Chemical Technology for development of technology for large scale cultivation of algae and extraction of value-added products.

Under the MoA, Engineer India 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.

As a premier academic institute, ICT is engaged in basic and applied research & development of sustainable technologies and has a track record in algal research including establishing growth parameters at the laboratory scale

Both organizations will jointly develop the technology including its design package and make the technology ready for commercialization.

Shares of Engineers India were trading 0.35% higher at Rs 71.45 on BSE.

Engineers India provides design, engineering, procurement, construction, and integrated project management services primarily for oil and gas and petrochemical industries. The Government of India owned 51.32% stake in company as on 30 September 2021.

The company's consolidated net profit declined 80.71% to Rs 17.04 crore on a 5.13% fall in sales to Rs 656.78 crore in Q2 FY22 over Q2 FY21.

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