Shares of Adani Total Gas were locked in upper circuit of 10% at Rs 1,100.65 and Shigan Quantum Technologies also hit an upper circuit of 5% at Rs 140.90.
Under the MoU, both ATGL and Shigan will explore various areas of collaboration. The primary focus of both the partners will be on adopting natural gas for transportation and mining applications through sustainable solutions for fleet operators, including those deployed by Adani Group companies in sectors like cement, ports and logistics. The LNG retrofitment solution also will explore various applications like stationary engines, locomotives and marine equipment.
The said collaboration will have a positive impact on the environment and the broader business community.
The company said that this partnership will explore developing e-mobility based solutions for last mile delivery players and use cases for green hydrogen as fuel for ICE (internal combustion engine) vehicles. The MoU will enable both parties to prioritise their sustainability efforts without compromising on operational efficiency.
Suresh P. Manglani, executive director and CEO, ATGL, said, “The signing of the MoU represents a collective vision for a greener, more sustainable future. We look forward to co-developing end-to-end solutions, which will support the transport and mining industries in their decarbonization journey and contribute to the net zero commitments of the country.
Shishir Agrawal, managing director, Shigan, expressed enthusiasm about the collaboration, said, “This MoU marks a significant step forward in our joint commitment to environmental responsibility. By transitioning to cleaner fuels, we aim to not only reduce our carbon footprint but also inspire positive change within industry."
Adani Total Gas is engaged in selling and distribution of natural gas. The company is engaged in the development of city gas distribution networks to supply piped natural gas to industrial, commercial, domestic (residential) customers and compressed natural gas to the transport sector.
Shigan Quantum Technologies is engaged in the business of designing, developing and manufacturing of various types of alternate fuel systems including CNG, LNG, Hydrogen Fuel Kit systems for automotive, locomotive, stationary engine applications, heavy duty vehicles, light duty vehicles and off-highway applications.
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