The new technology patented by Cosmos Solutions Pvt. Ltd., to generate more power from engines using microcontrollers, received a green signal with a private equity of USD 950 million from Linetrust Offshore Ltd. Head of private equity of Linetrust ASEAN, Dr. Sailesh Lachu Hiranandani, who has spared no effort in promoting the development of renewable energy, assured Cosmos Energy that another major investment is on the anvil to promote research and development in the area of this environment-friendly technology.
Chairman of Linetrust Offshore Limited, operating from Marshall Island with branches across Europe, US, Africa and Asia, Michael Rogers said the disbursal of funds for the project would continue.
The Executive Vice President of Cosmos Energy, Rahul Shah thanked Dr. Sailesh Lachu Hiranandani for the funding and said that the invention would, on one hand, contribute to the reduction of carbon footprints and on the other hand, create jobs and it is for this reason that governments of India, Zimbabwe, South Africa and Malaysia have approached Cosmos Energy to set up their manufacturing in their countries.
Dr. Sailesh Lachu Hiranandani's efforts in promoting the cause of environment-friendly energy were lauded by Linetrust executives Prasanna Shah and Kalpesh Raygadhi as also by Malaysian Automobile Association's Terrence Siambun, who said he would recommend to his government a plan to offer land and other provisions to Cosmos Energy for setting up a manufacturing facility in Malaysia and tap the country's potential for skilled labour.
South African Parliament Speaker Baleka Mbete said his country was ready to provide 100 acre land to Cosmos Energy in Tshwane Automotive City in Gauteng to put up a manufacturing unit, besides free electricity for five years and a tax holiday for 10 years.
ASEAN directors for Asia, China and Korea, Wendy Wong and Nancie Foo said the investment by Linetrust has opened new vistas of investment for Cosmos Energy, as a slew of proposals has followed.
Linetrust director Mary Mam and executives Manoj Todi, Sandeep Pugalia, Mahendra Joshi, Mohit Seth and Raghav Kapoor expressed optimism and said they were providing support to a number of enterprises that would be game-changers in the scenario of development and employment.
Scientist Dato Ramakrishna Nair said energy and wastewater management were major challenges as well as key to development in the future.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)