Murugappa Group’s engineering company Tube Investments of India Ltd (TII) will pick up a 50 per cent stake in X2Fuels and Energy Pvt Ltd, an early-stage start-up incubated at the National Centre for Combustion Research and Development (NCCRD) at IIT-Madras, for a total consideration of ₹6.15 crore.
X2Fuels & Energy has been engaged in the development of thermochemical technologies for the conversion of any solid wastes into storable liquid and solid fuels.
“The acquisition of 50 per cent equity stake in X2Fuels will strengthen TII’s efforts to make a positive impact in environmental sustainability through the development of advanced technologies in managing waste and also benefit to achieve a circular economy,” Arun Murugappan, Executive Chairman of the Company, said in a statement.
TII has been exploring growth opportunities in energy-related products. This is in line with its objective to further its interests in this space and also be an enabler to further its sustainability goals. It plans to invest in X2Fuels to hasten product development and launch.