Shares of TruAlt Bioenergy Ltd rose 2.75% to hit a day’s high of Rs 481 on 17th November after the company announced that it has signed a memorandum of understanding (MoU) with the Andhra Pradesh government to set up a sustainable aviation fuel plant.

In an exchange filing on Saturday, 15th November, TruAlt Bioenergy said it has signed a non-binding Memorandum of Understanding (MoU) with the Andhra Pradesh Economic Development Board (APEDB). The agreement is to set up a Sustainable Aviation Fuel (SAF) production plant in the state. APEDB is the government’s nodal agency for promoting investments and enabling ease of doing business.

SAF is a biofuel made from renewable feedstocks such as agricultural waste, used cooking oil, and municipal solid waste. The proposed project is expected to involve an investment of around Rs 2,250 crore.

TruAlt said the plant will support India’s clean energy goals. It will help reduce carbon emissions and create a pathway for large-scale production of sustainable aviation fuel.

At 2:33 PM, shares of TruAlt Bioenergy were trading 2.87% higher at Rs 471.05 on NSE.

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