TII acquires a 50 per cent stake in X2Fuels

Tube Investments of India (TII), a subsidiary of the Murugappa Group, one of India's largest business conglomerates, has acquired 10,753 equity shares in X2Fuels & Energy for a 50 per cent stake valued at Rs 61.5 billion. According to the company, the investment in the start-up is part of its goal to advance its interests in the energy space as well as its sustainability goals. Dr Vinu R and Dr S Chakravarthy founded X2Fuels, an early-stage start-up incubated at IIT Madras' National Centre for Combustion Research and Development (NCCRD). In 2020, it won third place in the HPCL Green R&D Centre's New Generation Ideation Contest. The company is developing and deploying thermochemical technologies to convert any solid feedstock, such as lignocellulosic agri-residues, plastics, bio-organic wastes, and municipal solid wastes, into storable liquid and solid fuels that can potentially be integrated into refinery infrastructure. Also read: Trident Realty to invest Rs 30 bn in Panchkula township Danish-Indian study pinpoints 15 offshore wind energy zones