Advait Infratech Ltd has announced a significant collaboration between TECO 2030, a Norwegian-based clean-tech Company developing zero-emission technology for the maritime and heavy industry specialization in developing PEM hydrogen fuel cell stacks and PEM hydrogen fuel cell modules, and Advait Infratech Limited (AIL), which has been formalized through a Memorandum of Understanding (MOU). This Memorandum of Understanding (MoU) stands on the intent of investment from AIL into TECO 2030 and partnering up for the expansion of fuel cell technology in India as well as in SAARC Countries.
Under this agreement, AIL and TECO 2030 intend to establish a joint venture in India, where AlL intends to hold the majority shareholding. The joint venture will be exclusively authorized to develop, manufacture, and commercialize TECO 2030 Fuel Cell Technology within the Indian as well as SAARC market.
This joint venture signifies a significant collaboration between AlLand TECO 2030 towards creating and maintaining local development, production, and commercialization capabilities with a strong presence in India. Through this venture, we aim to leverage our respective strengths to contribute to the advancement of clean energy solutions in the Indian as well as SAARC market.
As per regulatory requirements, we are hereby intimating BSE India Limited about the signing of the Memorandum of Understanding with TECO, 2023, intending to form a joint venture of AIL and TECO 2030 subject to all relevant regulatory and statutory requirements will be duly complied with during the formation and operation of the joint venture.
Shares of Advait Infratech Ltd was last trading in BSE at Rs. 1286.50 as compared to the previous close of Rs. 1298.45. The total number of shares traded during the day was 8143 in over 463 trades.
The stock hit an intraday high of Rs. 1337.00 and intraday low of 1249.00. The net turnover during the day was Rs. 10508762.00.