IRM Energy jumps inking pact with Shell Energy India to supply RLNG

IRM Energy soared 7.84% to Rs 286.70 after the firm said that it has signed a five-year agreement with Shell Energy India for the supply of Regasified Liquefied Natural Gas (RLNG).

The total quantity to be purchased under the agreement will be 1.23 crore MMBtu, equivalent to approximately 326.84 mmscm @ 9500 k/cal Gross Calorific Value (GCV). This agreement marks a significant milestone in IRM Energy's strategic growth, ensuring stable and cost-effective energy supplies for its customers.

This partnership with Shell, a global leader in LNG supply, is expected to strengthen IRM Energys ability to provide cleaner and more affordable fuel solutions, contributing to Indias energy security and sustainability goals.

The agreement is set to play a pivotal role in ensuring consistent RLNG availability, supporting the industrial and commercial segments. By leveraging Shells global expertise in LNG, IRM Energy aims to enhance its service capabilities, helping businesses transition towards greener energy alternatives and reducing their carbon footprint.

Manoj Kumar Sharma, CEO of IRM Energy, said, This agreement is a testament to our commitment to providing sustainable and affordable energy solutions to our valued customers. With this partnership, we are confident in ensuring stable gas supplies that will support economic development and clean energy adoption.

IRM Energy is a gas distribution company involved in the development, operation, and expansion of a local natural gas distribution network.

The companys consolidated net profit fell 57.5% to Rs 10.10 crore on a 10.9% increase in revenue from operations to Rs 250.75 crore in Q3 FY25, compared to Q3 FY24.

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