Besides approving the stake buying in LanzaTech New Zealand, the Board of the Indian Oil Corporation (IOC) has also approved projects worth Rs7,871 crore. Photo: MintNew Delhi:State-owned Indian Oil Corporation (IOC) on Thursday said it will buy a 4% stake in bio-based gas fermentation technology firm LanzaTech New Zealand for $20 million. Besides approving the stake buying, the Board of the company also approved projects worth Rs7,871 crore. “The Board has approved acquisition of minority stake (4%) in the LanzaTech New Zealand Ltd amounting to $20 million through its wholly owned subsidiary in Singapore, IOC Singapore Pte Ltd,” the company said in a regulatory filing. Registered in New Zealand LanzaTech is global leader in bio-based gas fermentation technology and provides novel and economic technologies for production of ethanol and other value chemicals from industrial off-gases of steel mills and petroleum refineries.

Source: Mint March 29, 2018 15:00 UTC