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GAIL (India) Limited and Petron Scientech Inc signed a Memorandum of Understanding on August 21, 2024, to explore setting up a 500 KTA bio-ethylene plant in India. The proposed project, based on bio-ethanol, would be a 50:50 joint venture. The companies will conduct feasibility studies to assess technical viability and financial prospects before seeking investment approval from their respective managements.
The shares of GAIL (India) Limited were trading at ₹235.94, down by ₹0.21 or 0.09 per cent on the NSE at 12:24 pm today.
Rajeev Kumar Singhal, Director (Business Development) at GAIL, said, “GAIL is a proud member of India’s clean energy infrastructure and is always committed to incorporate initiatives for sustainable development of the nation. We are elated to enter into this strategic relationship with Petron, a pioneer in bio-ethanol to bio-ethylene technology. The MoU signifies a major step towards enhancing sustainable practices and advancing the bio-economy in India. The skills and strengths of both the companies would create a synergy for achieving the objective of MoU. The collaboration between GAIL and Petron is poised to not only foster technological advancements but also drive economic growth and environmental sustainability in India.”
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