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Engineers India gains on strategic alliance with Chempolis

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Engineers India (EIL) rose 2.30% to Rs 73.35 after the company and Chempolis Oy, Finland announced the signing of a strategic alliance for conversion of biomass to green fuels.

In the changing global energy landscape, biomass-based fuels are promising alternative for supplementing fossil fuels towards a sustainable energy future. In addition to this, biomass can be utilized to produce value added products such as phenolic resins that has the potential to substitute a lot of products obtained from fossil fuels.

The Government of India has also set a target to achieve 20% blending of ethanol in gasoline by the year 2025.

Many biomass-based product facilities are expected to be installed in the coming years in India and across the world to fulfill the demand of green products.

As both the organizations operate in the Indian subcontinent market and have complementary products and/ or services, this association will add value in presenting the synergized and regulatory compliant products and services to end customers in Indian subcontinent.

This agreement shall pave the way to pursue business development in the sunshine area of renewables i.e. Cellulosic 2G Ethanol Technology.

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 June 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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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Fri, November 26 2021. 09:31 IST