This acquisition is in line with Tube Investments’ objective to make a positive impact through development of advanced technologies in managing waste.
Tube Investments of India (TII), part of the Murugappa Group, has acquired a 50 percent stake in X2Fuels and Energy. The acquisition would be by subscribing to 10,753 equity shares for a total consideration of Rs 6.15 crore.
The company said it has been exploring growth opportunities in energy related products. This is in line with its objective to further its interests in this space and also be an enabler to further its sustainability goals.
The Company has identified an investment opportunity in X2Fuels and Energy (‘X2Fuels’). X2Fuels is an early-stage start-up that is developing technologies to convert waste to fuels. It has been incubated at the National Centre for Combustion Research and Development (NCCRD) at IIT Madras. It was awarded the third prize in the New Generation Ideation Contest conducted by HPCL Green Research and Development Centre in 2020, said the company in a statement.
Considering the significant societal impact in waste management and environment sustainability while delivering value through waste valorisation, TII plans to invest in X2Fuels to hasten product development and launch.
Commenting on the acquisition, M A M Arunachalam (known as Arun Murugappan), Executive Chairman of the Company said, “the acquisition of 50 percent equity stake in X2Fuels will strengthen TII’s efforts to make a positive impact in environment sustainability through development of advanced technologies in managing waste and also benefit to achieve circular economy”.
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