Chennai, NFAPost: In line with its objective to further interests in energy related products space, Tube Investments of India Limited has decided to acquire 50% stake in X2Fuels and Energy Private Limited.
X2Fuels is an early-stage start-up incubated at the National Centre for Combustion Research and Development (NCCRD) at IIT Madras. It was awarded the 3rd prize in the New Generation Ideation Contest conducted by HPCL Green R&D Centre in 2020.
Commenting on the acquisition, Tube Investments of India Executive Chairman M A M Arunachalam said the acquisition of 50% equity stake in X2Fuels will strengthen TII’s efforts to make a positive impact in environment sustainability.
The acquisition will help the company to develop advanced technologies in managing waste and also benefit to achieve circular economy,” said Tube Investments of India Executive Chairman M A M Arunachalam.
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.
The acquisition would be by subscribing to 10,753 equity shares for a total consideration of Rs 6.15 crore.
