Tube Investments of India (TII), part of the Murugappa Group one of India’s leading business conglomerates, has picked up 10,753 equity shares for a stake of 50% valued at Rs 6.15 crore in X2Fuels & Energy.
The company says the investment in the start-up is part of its objective to further its interests in the energy space and also further its sustainability goals. X2Fuels is an early-stage start-up founded by Dr Vinu R and Dr S Chakravarthy, incubated at the National Centre for Combustion Research and Development (NCCRD) at IIT Madras. It was awarded the 3rd prize in the New Generation Ideation Contest conducted by HPCL Green R& D Centre in 2020.
The start-up is developing and deploying thermochemical technologies for the conversion of any solid feedstock such as lignocellulosic agri-residues, plastics, bio-organic wastes and municipal solid wastes into storable liquid and solid fuels, which can potentially be integrated within a refinery infrastructure.
Considering the significant societal impact on waste management and environmental sustainability while delivering value through waste valorisation, TII plans to invest in X2Fuels to hasten product development and launch.
M A M Arunachalam (Arun Murugappan), Executive Chairman, TII and MD, Murugappa Group 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.”