Gujarat Alkalies inks pact with NTPC Renewable Energy to explore opportunities in Green Chemicals; stock rallies ~3%

7 Jul 2022 , 01:38 PM

Gujarat Alkalies and Chemicals Limited informed that it has signed a Memorandum of Understanding (MoU) with NTPC Renewable Energy Limited (NTPC-REL), a wholly-owned subsidiary of NTPC Limited.

The company has executed this MoU to explore business opportunities that are beneficial for both in the areas of renewable energy sourcing up to 100 MW and to collaborate on the production of Green Chemicals such as Methanol and Ammonia for GACL's captive use.

This is a first-of-its-kind novel initiative between a leading CPSE and a State Government Promoted Company to support the country's commitment to meeting renewable energy targets and lowering greenhouse gas emissions.

The Memorandum of Understanding was signed by Shri Harshad R Patel, lAS, Managing Director of GACL, and Shri Mohit Bhargava, Chief Executive Officer of NTPC REL.

At around 12.29 PM, Gujarat Alkalies was trading at Rs707.10 per piece, up by Rs19.2 or 2.79% from its previous closing of Rs687.90 on the BSE. The scrip touched intraday high and low of Rs717.95 and Rs703.60 respectively.