IRM Energy gains 1% on Rs 858 crore MoU with Tamil Nadu Government

IRM Energy is a Gujarat-based city gas distribution company.

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26 Aug, 2025 12:21

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Shares of IRM Energy gained more than 1 percent at open on January 9 on the NSE, after the company signed IRM Energy signed an MoU to invest Rs 858 crore, with the government of Tamil Nadu. At 9:20 am, the stock was trading at Rs 547.50.

In a regulatory filing on January 9, IRM Energy said that it had signed an MoU with Tamil Nadu government to invest Rs 858 crore project in the state over the next 5 years. This agreement was made as part of the Tamil Nadu Global Investors Meet 2024, Chennai and will provide employment to 2200 people in the State. The Tamil Nadu Global Investor's Meet is a two day summit that was held from January 7 to 8 with the aim to attract investment opportunities to the state.

"The Government of Tamil Nadu will provide facilitation and support to IRM in the form of necessary infrastructural rights like right to appoint support and regulatory facilitation subject to directors, first right to share applicable laws etc.," the report added.

IRM Energy was listed on both bourses in October 2023. On listing, the  Cadila Pharmaceuticals-backed IRM Energy started trading at Rs 477.25 on the NSE and Rs 479 on the BSE, which was around 5.5 percent lower than its issue price of Rs 505. Analysts had estimated that the stock would list at an 8-9 percent premium.

IRM Energy is a Gujarat-based city gas distribution company.