Earlier this week, Indraprastha Gas Ltd. (IGL) and Bharat Heavy Electricals Ltd. (BHEL) entered into a Memorandum of Understanding (MoU) to design, develop, and commission dedicated cylinders for blending hydrogen with CNG and operating fuel cell-based power based power backup systems.
The developments are along the lines of The National Green Hydrogen Mission launched by the Union Government to make India a leading manufacturer and exporter of Green Hydrogen globally.
The document was signed by Sanjeev Kumar Bhatia, Vice President at Indraprastha Gas Ltd. and S. Prabhakar, General Manager at BHEL. Pawan Kumar, IGL director (commercial) and Nalin Singhal, BHEL chairman were also present at the event.
The management of IGL communicated on the development, “The agreement on ‘Type-IV’ cylinders will pave the way for collaboration in the hydrogen value chain under the national hydrogen mission.”
These Type-IV cylinders are ideal for use in vehicles as they are able to offer a longer range. They can bear high pressure and are produced with lightweight material making them fit to carry gaseous fuels like compressed natural gas (CNG), liquefied natural gas (LNG), or hydrogen in near future.
Jointly owned by Gail (India) Ltd. and Bharat Petroleum Corporation Ltd., IGL is involved in the business of city gas distribution. It supplies piped natural gas (PNG) for residential, commercial, and industrial uses and runs compressed natural gas (CNG) stations across Delhi NCR.
The shares of Indraprastha Gas Ltd. (IGL) were trading at ₹ 440.20 apiece on Friday’s early trades. The company has a market capitalization of ₹ 30,730 crores. Brokerage firm CLSA has a buy call on the shares of the company with a target price of ₹ 585. This translates to an upside of 32.95% as compared to its current share price.
Written by Vikalp Mishra
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