CHENNAI: Tube Investments of India (TII) has acquired 50 per cent stake in X2Fuels and Energy Private Limited.
This is in line with its objective to further its interests in the energy space and also be an enabler to further its sustainability goals. The acquisition would be by subscribing to 10,753 equity shares for a total consideration of Rs 6.15 cr.
MAM Arunachalam (known as Arun Murugappan), executive chairman, TII said, “the acquisition of 50% 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”.
X2Fuels is an early-stage start-up incubated at the National Centre for Combustion Research and Development (NCCRD) at IIT Madras.