Page 148 - CW E-Magazine (12-11-2024)

Top Stories

GREEN AMMONIA AS FEEDSTOCK

BASF and AM Green to jointly explore opportunities

in low-carbon chemicals

German chemicals firm, BASF and
AM Green, a green ammonia firm incor-
porated by the founders of Hyderabad-
based Greenko Group, Anil Chalamala-
setty and Mahesh Kolli, have entered a
memorandum of understanding (MoU)
to jointly evaluate and develop business
opportunities for low-carbon chemicals
produced exclusively with renewable
energy, and the corresponding value
chains in India.

Dr. Markus Kamieth, BASF’s Chair-
man and Mr. Mahesh Kolli, Group Presi-
dent of AM Green, signed the agree-
ment in the context of the Asia-Pacific
Conference of German Business 2024 From L to R: Mr. Gautam Reddy K, CEO, AM Green Ammonia; Mr. Mahesh Kolli, Group President,
hosted in New Delhi recently. AM Green; Dr. Markus Kamieth, Chairman of the Board of Executive Directors of BASF SE and
Mr. Alexander Gerding, Managing Director, BASF India and Head, BASF Group Companies India.
Under the MoU, BASF and AM This ammonia will meet EU standards able transformation of the industries we
Green intend to conduct feasibi- for renewable fuels of non-biological serve. We are convinced that India is the
lity studies on low-carbon chemicals origin (RFNBO) as defined in the Renew- right place to explore low-carbon chemi-
production in India including a joint able Energy Directive (RED III). cal production together with our partner
evaluation of potential technologies. Some of AM Green’s facilities have AM Green,” said Dr. Kamieth. Mr. Kolli,
The cooperation also includes a non- already been pre-certified for RFNBO added, “AM Green and BASF part-
binding letter of intent for the offtake compliance through the CertifHy volun- nership envisages to cater to multiple
of 100,000 tons annually of ammonia tary certification scheme. Pre-certifica- chemical downstream and associated
produced exclusively with renewable tion for AM Green’s other facilities is consumer industries by providing key
energy including energy from pumped currently underway. green molecule feedstocks to produce
storage projects from AM Green’s chemicals, materials and products in the
plants in different locations in India. “We are committed to the sustain- markets served by BASF.”

FUND RAISING
Epigral Ltd raises Rs. 333-crore via QIP issue

Epigral Ltd. (formerly known as quee players like HSBC AMC, Bandhan total outstanding equity shares (fully
Meghmani Finechem Ltd.), a leading AMC, HDFC AMC, ITI AMC, Morgan diluted) post allotment stood at 4.31-crore
integrated chemical manufacturer, has Stanley and many other institutions. shares from 4.16 crore shares. “We are
announced successful completion of its geared up to have volume growth based
Qualified Institutional Placement (QIP) Epigral will be deploying these funds on the capex that we did in recent years
by raising Rs. 333.05-crore at an issue to support the company’s growth plans and also we will be doing further capex
price of Rs. 2,093.13 per share. and help Epigral to further strengthen to bring consistent growth and creat-
its financial position while expanding its ing value for all our stakeholders,”
According to the company, the QIP market presence. Following these fresh Mr. Maulik Patel, Chairman and Manag-
witnessed sizable interest from mar- issuance of equity shares to QIPs, the ing Director, Epigral said.

148 Chemical Weekly November 5, 2024

Contents Index to Advertisers Index to Products Advertised