Granules India gains after collaboration with Greenko ZeroC
Published On: Tuesday, January 3, 2023 | By: Team KnowMyStock
Granules India, a Hyderabad-based pharmaceutical company, gained 2.61% to Rs 328.70 on Tuesday, as it entered into a strategic partnership with Greenko ZeroC to collaborate for green molecule solutions and its wider applications in pharmaceuticals to build its position in sustainability and circular economy initiatives. Granules India and Greenko ZeroC will develop and promote a state-of-the-art integrated Green Pharmaceutical Zone (GPZ) with the first collaboration at Kakinada in Andhra Pradesh, the company said in a filing to the exchanges on Tuesday."Granules will build a green field facility based on sustainability principles for large-scale manufacturing of key starting materials (KSMs), Intermediates, APIs, and fermentation-based products. The facility spread across 100 acres, will be commissioned in a phase-wise manner. The facility would be spread across 100 acres for the project with an estimated cost of approximately Rs 2,000 crore over five years.
Greenko ZeroC will supply Carbon Free Energy and enable Green Hydrogen and its various chemical derivatives. Granules will manufacture energy-intensive fermentation-based products at this facility using Carbon-Free Energy. This collaboration will allow the utilization of fungible carbon offset instruments across Granules’ global manufacturing locations.
Chairman & Managing Director, Krishna Prasad said: "The partnership with Greenko will power our sustainability journey by minimizing our carbon footprint and impact of our operations on the environment. Sustainability and Green chemistry are key pillars of our commitment to heal the planet and people through minimizing carbon footprint, adopting resource-efficient processes, and reducing waste across our value chain."
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