Ion Exchange bags contract worth Rs 343 crore from IOCL

Ion Exchange (India) said that it has been awarded a contract by Indian Oil Corporation (IOCL) for setting up of a zero liquid discharge plant at IOCL's Panipat Refinery at a contract value of Rs 343.36 crore.

The project involves designing, engineering, manufacturing, supply, erection, testing, pre-commissioning, commissioning, performance guarantee test run and operation & maintenance for five years of zero liquid discharge plant at the said plant of IOCL.

"The project is to be commissioned within 16 months from the date of letter of acceptance, the company said in a statement.

Ion Exchange (India), the flagship company of the ION Exchange Group, operates in three key segments - engineering, chemical, and consumer products and has six factories in five states. The engineering segment plans and executes orders for installation of large and medium-sized water and effluent treatment plants. The chemicals division manufactures ion-exchange resins and industrial chemicals and sells them in India, the US, the Middle East, Europe, and South-East Asia. The consumer products segment offers a range of water-care products for homes, institutions and community under the Zero-B brand.

The company's consolidated net profit rose 42.20% to Rs 38.99 crore on a 18.36% increase in sales to Rs 447.61 crore in Q2 FY23 over Q2 FY22.

The scrip rose 0.68% to end at Rs 2792.15 on the BSE on Friday.

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