Granules India gains after collaboration with Greenko ZeroC

Granules India rose 2.61% to Rs 328.70 after the company entered into a strategic partnership with Greenko ZeroC to enable carbon free energy and green molecule solutions.

Granules India entered into a strategic partnership with Greenko ZeroC to collaborate for green molecule solutions and its wider applications in pharmaceuticals to build a leadership position in sustainability and circular economy initiatives and be a pioneer in the industry.

Granules & Greenko ZeroC will develop and promote Integrated Green Pharmaceutical Zones (GPZ) with first collaboration in Kakinada, Andhra Pradesh. 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 estimated cost of the project will be approximately Rs 2,000 crore over five years.

Greenko ZeroC will supply Carbon Free Energy and enable Green Hydrogen along with its various chemical derivatives. Granules envisages to utilize Carbon Free Energy and Green Hydrogen derivatives to produce value added products such as DCDA, PAP, Paracetamol, Metformin, other APIs and Intermediates. Granules will also manufacture energy intensive fermentation-based products at this facility using Carbon Free Energy. This collaboration allows utilization of fungible carbon offset instruments across Granules global manufacturing locations.

Dr. Krishna Prasad, chairman & managing director, Granules, said: "The partnership with Greenko will power our sustainability journey by minimizing 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 reduce waste across our value chain."

Anil Kumar Chalamalasetty, CEO and managing director at Greenko said: "We are excited to be partnering with Granules, this innovative and pioneering partnership will propel the transformation of industrial manufacturing to be more sustainable and competitive with technologically superior and green solutions. We believe that we can herald this change in the Global Industrial landscape and this partnership with Granules is enabling such solutions in pharmaceutical industry."

Greenko Group, India's leading Energy Transition company, has an installed capacity of 7.5 GW across solar, wind and hydro assets spread over ~100+ projects across 15 states and delivers 20+ billion units of renewable energy annually, constituting ~1.5-2% of India's total electricity consumption.

Hyderabad-based Granules India is a vertically integrated fast growing Indian pharmaceutical company. It is present across the manufacturing of entire pharmaceutical value chain - from Active Pharmaceutical Ingredients (APIs), Pharmaceutical Formulation Intermediates (PFIs) and Finished Dosages (FDs).

The company's consolidated net profit rose 79.8% to Rs 145.10 crore on 29.5% rise in net sales to Rs 1150.73 crore in Q2 FY23 over Q2 FY22.

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