Tube Investments of India (TII), a Murugappa Group company, has acquired a 50 per cent stake in X2Fuels and Energy, an early-stage start-up incubated at the National Centre for Combustion Research and Development (NCCRD) at IIT Madras.
The acquisition would be by subscribing to 10,753 equity shares for a total consideration of Rs 6.15 crore. X2Fuels and Energy endeavors to develop and deploy thermochemical technologies for the conversion of any solid feedstock such as lignocellulosic agri-residues, plastics, bio-organic wastes and municipal solid wastes into storable liquid and solid fuels, which can potentially be integrated within a refinery infrastructure.
Commenting on the acquisition, M A M Arunachalam (known as Arun Murugappan), Executive Chairman of the Company said, “the acquisition of 50 per cent 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”.
