TruAlt inks MoU with Andhra government to set up sustainable aviation fuel plant with an investment of ₹2,000 crore

TruAlt Bioenergy announced that the company signed a memorandum of understanding (MoU) with the Andhra Pradesh government to set up a sustainable aviation fuel plant.

In an exchange filing issued on Saturday, November 15, the Bengaluru-based company said the company has signed a non-binding Memorandum of Understanding (MoU) with the Andhra Pradesh Economic Development Board (APEDB) for the establishment of a Sustainable Aviation Fuel (SAF) production plant in Andhra Pradesh.

APEDB is the Government of Andhra Pradesh’s nodal agency for promoting investments, enabling ease of doing business in the Southern state.

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This particular plant SAF is a biofuel produced from renewable feedstocks such as agricultural residues, used cooking oil, and municipal solid waste.

The company added that the proposed project is expected to involve a total investment of approximately ₹2,250 crore.

Earlier this year, while speaking to CNBC-TV18, Vijay Murugesh Nirani, Founder and Managing Director of TruAlt Bioenergy, had laid emphasis on reducing carbon emissions to boost energy security. While talking about the salience of the sustainable aviation fuel plants in the current system, Nirani said, “SAF is a humongous opportunity for us to scale up. India can move from being a net energy importer to a gross exporter of fuel.”

When we take a look at the company shares, the company shares closed Friday's session with a decline of 2.82% or ₹13.35. The company, which was listed earlier this year, on October 3, in the past month of trade, has seen a drop of 5.03% in its total stock price. The company shares are currently worth ₹459.65 per share, which is lower than its listing price of ₹545.40/sh and its issue price of ₹496/sh.

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