Gujarat Alkalies and Chemicals (GACL) gained 2.59% to Rs 705.75 after the company said that it has collaborated with NTPC Renewable Energy (NTPC REL) for renewable energy and green chemicals.
The Memorandum of Understanding (MoU) is for exploring business opportunities of mutual interest in the areas of sourcing of renewable power to the extent of about 100 MW and to jointly work on synthesizing Green Chemicals such as Methanol and Ammonia for captive use by GACL."This is a novel initiative between leading CPSE and State Government Promoted Company to support country's commitment to achieve renewable energy targets and reduce greenhouse emissions," GACL said in a statement.
NTPC REL is a wholly owned subsidiary of NTPC and has been incorporated to develop renewable energy projects and parks including various development of various green hydrogen energy solutions, battery energy storage solutions in a focused manner.
GACL is engaged in the business of industrial chemical. It is one of the largest producers of caustic soda in India. The company's consolidated net profit zoomed 536.7% to Rs 220.68 crore in Q4 FY22 from Rs 34.66 crore posted in Q4 FY21.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
