EKI Energy hits upper circuit on executing a JV with Shell Overseas Investment BV

EKI Energy Services Ltd, a global service provider in the arena of energy, carbon credit and quality management, has executed a Joint Venture (JV) Agreement with Shell Overseas Investment B.V, the Netherlands to reduce the impact of greenhouse gases.  

In this JV, EKI Energy shall provide offsets to emissions by incorporating nature-based solutions encompassing the spheres of forestry, agriculture, including agroforestry, horticulture, grasslands, wetlands, blue carbon, peatlands etc.  

EKI Energy shall have a 51 per cent stake in this joint venture, while Shell Overseas shall own the remaining 49 per cent. Moreover, both the companies shall appoint two directors each, bringing the number of directors in the JV to four. However, the decisions regarding rights to share subscription in case of issuance of shares shall be decided when the event occurs.  

Earlier this week, the company had informed that it incorporated an offshore wholly owned subsidiary company named “Enking International FZCO” in Dubai free zone (IFAZA) for expanding its presence in the global carbon market and capitalizing on the business opportunity in overseas countries.

Today, at the start of the trading session, EKI Energy Services Ltd hit the upper circuit of 5 per cent, trading at Rs 6,095.30, as against the previous day’s closing price of Rs 5,805.05 on BSE.