Shares of Granules India rose 3 per cent in Tuesday's trade after the company entered into a strategic partnership with Greenko ZeroC to collaborate for Green Molecule Solutions and its wider applications in pharmaceuticals.
In a filing, Granules said it, along with Greenko ZeroC, will develop and promote integrated green pharmaceutical zones (GPZ) with first collaboration in Kakinada, Andhra Pradesh.
The scrip rose 2.8 per cent to hit a high of Rs 329.35 on BSE. With this, the scrip is up 16 per cent in the last six months.
"Granules will build a green field facility based on sustainability principles for large scale manufacturing of key starting materials (KSMs), Intermediates, APIs and fermentationbased products. The facility spread across 100 acres, will be commissioned in a phase wise manner. The estimated cost of the project will be approximately Rs 2,000 crore over five years," it said.
Greenko ZeroC, Granules India said, will supply carbon free energy and enable green hydrogen, along with its various chemical derivatives.
"Granules envisages to utilize carbon free energy and green hydrogen derivatives to produce value added products such as DCDA, PAP, Paracetamol, Metformin, other APIs and Intermediates. Granules will also manufacture energy intensive fermentation-based products at this facility using Carbon Free Energy.
This collaboration allows utilisation of fungible carbon offset instruments across Granules global manufacturing locations," it said.
Chairman & Managing Director, Krishna Prasad said: The partnership with Greenko will power our sustainability journey by minimizing carbon footprint and impact of our operations on the environment.
Sustainability and Green chemistry are key pillars of our commitment to heal the planet and people through minimizing carbon footprint, adopting resource efficient processes, and reduce waste across our value chain.”
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