Shares of Ion Exchange (India) Ltd. jumped 4.1 percent in intraday trade on Thursday after the company announced it received an order worth Rs 726.13 crore from state-owned Indian Oil Corporation Ltd. (IOCL).

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The water treatment and environment management firm on Thursday informed the bourses that it has received a Letter of Award (LoA) from IOCL.

As per the terms of the contract, Ion Exchange will be engaged in the work of the Water Treatment Plant involving the demineralisation plant, reverse osmosis, condensate polishing unit, and zero liquid discharge plant.

Ion Exchange will provide operation and maintenance services for two years. The company will also provide annual maintenance services for a period of five years for IOCL’s Panipat refinery capacity expansion project.

The contract value stands at Rs 726.13 crore plus goods and services tax (GST) and is scheduled to be commissioned within two years from the date of acceptance of the letter.

In December 2022, Ion Exchange secured a contract worth Rs 343.36 crore from Indian Oil Corporation pertaining to setting up a zero-liquid discharge plant at the state-owned company’s refinery in Panipat.

The project involved designing, engineering, manufacturing, supply, erection, testing, pre-commissioning, commissioning, and performance guarantee test runs as well as operation and maintenance for five years of the plant at the said refinery.

Ion Exchange provides a complete range of solutions for water, wastewater treatment, solid waste management, and waste-to-energy.

Shares of Ion Exchange Ltd. ended 3.26 percent higher at Rs 2,787 on Thursday.

(Edited by : Rukmani Krishna)