NLC India names Engineers India as Project Management Consultant for Methanol Project; stock zooms ~2%

15 Jun 2022 , 09:16 AM

NLC India Limited proposes to set up Methanol Project using Lignite at Neyveli, Tamilnadu. This project will have a capacity of 1200 Tonnes per day (0.40 MTPA).

The project has a capital cost of about Rs4,400 crore. This first-of-its-kind, landmark project, is expected to be commissioned in 2027.

Engineers India Limited, a Navratna PSU under the authority of the Ministry of Petroleum and Natural Gas, has been appointed as the Project Management Consultant for this prestigious contract.

EIL’s peculiar experience in the Hydrocarbon sector together with NLCIL’s strong project implementation team and experience shall ensure that this landmark project is successfully turned into a reality within the anticipated timeline, stated media reports.

NLC has requested the Ministry of Coal to provide financial incentives for every unit of products sold under its proposed Production Linked Incentive Linked Scheme.

NITI AAYOG has earlier stated that the project should be implemented on a fast-track mode and will be monitoring the implementation as such.

NLC India is currently trading at Rs68.50 up by Rs1.35 or 2.01% from its previous closing of Rs67.15 on the BSE. On the other hand, Engineers India’s counter was trading at Rs60.40 up by Rs1.6 or 2.72% from its previous closing of Rs58.80 on the BSE.