#8 Indian Oil to buy 4% stake in LanzaTech
In India, reports have surfaced in local media that the Indian Oil Corporation will acquire a 4% stake in LanzaTech for $20 million, in a transaction that values the #1 ranked company in the Hot 50 at $500 million. The investment will be made through the IOC Singapore Pte Ltd subsidiary.
Last July, we reported that IOC and LanzaTech signed a Statement of Intent to construct the world’s first refinery off gas-to-bioethanol production facility in India.
The basic engineering for the 40 million litres (35K MTA) per annum demonstration facility is underway for installation at IndianOil’s Panipat Refinery in Hayrana, India, at an estimated cost of 350 crore rupees (USD 55 million). It will be integrated into existing site infrastructure and will be LanzaTech’s first project capturing refinery off-gases. LanzaTech’s first commercial facility converting waste emissions from steel production to ethanol is in the process of coming online in China.
https://staging.biofuelsdigest.com/2018/03/29/indian-oil-to-buy-4-stake-in-lanzatech/
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