Tube Investments of India acquires 50% stake in X2Fuels and Energy

Tube Investments of India (TII), a Murugappa Group company,  has acquired a 50 per cent stake in X2Fuels and Energy, an early-stage start-up incubated at the National Centre for Combustion Research and Development (NCCRD) at IIT Madras.

The acquisition would be by subscribing to 10,753 equity shares for a total consideration of Rs 6.15 crore. X2Fuels and Energy endeavors to develop and deploy thermochemical technologies for the conversion of any solid feedstock such as lignocellulosic agri-residues, plastics, bio-organic wastes and municipal solid wastes into storable liquid and solid fuels, which can potentially be integrated within a refinery infrastructure.

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