New Delhi: Navratna PSU Engineers India Limited (EIL) and the Institute of Chemical Technology (ICT) have signed a memorandum of agreement (MoA) for joint development of technology for large scale cultivation of algae and extraction of value-added products. The MoA has been signed by ICT’s Dean (Research & Innovation) Prof. Padma V Devarajan and EIL’s Chief General Manager and Head of R&D Division Suresh Chandra Gupta on December 16. The MoA has been signed in the presence of EIL’s CMD Vartika Shukla and ITC’s Vice-Chancellor Prof Aniruddha B Pandit.
Under this agreement, EIL and ICT will jointly develop algal technology for large scale cultivation and extraction of value-added products from laboratory-scale studies. This MoA will not only enrich EIL’s and ICT’s technology portfolios but also mark a significant step in the direction of the government’s push towards biofuel initiative.
Value-added chemicals such as antioxidants and pigments from algae have a high futuristic scope and commercial value as natural additives in nutraceutical, cosmetics, pharmaceutical industries etc. The demand for these bio-based value-added chemicals is increasing at an exponential rate.
(1/2) EIL and ICT executed a MoA for development and commercialization ofTechnology for large scale cultivation of algae and production of other value-added chemicals #GreenEnergy #Research #Renewable #Engineering #Technology #biomass @HardeepSPuri @Vartika15791157 pic.twitter.com/EO3ko7ydWa
— Engineers India (@EngineersIND) December 16, 2021
As a premier Academic Institute, ICT is engaged in basic and applied research & development of sustainable technologies and has a strong track record in algal research including establishing growth parameters at the laboratory scale. This is perfectly complemented by the strengths of leading engineering consultancy company EIL, whose considerable experience and capabilities in design and engineering can be leveraged to scale up and establish these technologies at an industrial scale. Both organisations will jointly develop the technology including its design package and make the technology ready for commercialisation.
(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)