Manali Petrochemical Ltd (MPL) and Econic Technologies have entered into a memorandum of understanding to introduce more environmentally friendly CO2-containing polyols to the global $ 28 billion polyol market.
MPL has signed a memorandum of understanding with Econic Technologies to scale up their catalyst technology that would replace fossil feedstocks with waste CO2 captured in the production of polyols. The partnership involves MPL and Econic working together to advance the technology at MPL’s pilot plant in India. If successful, this step will be followed by the introduction of the process into one of the production trains at MPL’s main plant. The shared intention is to bring polyols containing CO2 to MPL customers.
Muthukrishnan Ravi, Managing Director of MPL, said: “We are pleased to collaborate with Econic in the testing and business development of this green initiative which matches our vision to be a responsible corporate citizen. “
Ashwin Muthiah, President of AM International, Promoter Group, said: “This is an important step in the right direction. The sustainability of the supply of raw materials and the protection of the environment are essential for future generations.
Keith Wiggins, CEO of Econic Technologies, said: “We are delighted to start working with the MPL team, the industry leader in India, to help them serve their dynamic and growing polyurethane market with durable polyols containing CO2.
The shares of Manali Petrochemicals Ltd. were last trading on the BSE at Rs. 106.6 from the previous close of Rs. 104.6. The total number of shares traded during the day was 300,898 in more than 3,663 deals.
The share hit an intraday high of Rs. 108.15 and an intraday low of 99.9. The net turnover during the day was Rs. 31,523,720.