CONCOR stock extends gains, signs MoU with IGL for LNG infrastructure

Shares of Container Corporation of India Limited (CONCOR) advanced nearly 2 percent to Rs 765 in the early trade on November 21, extending gains for the second trading session in a row.

The company signed a memorandum of understanding with Indraprastha Gas to explore the possibility of setting up LNG and LCNG infrastructure at CONCOR terminals.

“This strategic partnership aims to revolutionise the logistics sector by replacing diesel with natural gas”, the company said in an exchange filing on November 20.

LNG trucks emit significantly lower levels of greenhouse gas emissions compared to conventional diesel trucks.

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The railway public sector undertaking company also said that initially, both LNG and LCNG facilities shall be installed at the Dadri (Gautam Budh Nagar) terminal of CONCOR.

As part of the MoU, the two firms also agreed to explore the possibility of transportation of LNG through railway rakes from LNG terminals near sea ports to the desired locations within India.

“The company is dedicated to embracing innovative solutions that enhance operational efficiency and also align with our responsibility towards the environment,” Sanjay Swarup, Chairman & Managing Director CONCOR, said.

IGL’s managing director KK Chatiwal said the
collaboration marked a significant step forward in the company’s commitment to environmental sustainability.

At 9.31 am, the scrip was trading at Rs 762, up 1.5 percent from the previous close on the NSE.

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