Kewaunee Scientific Corporation Announces Continued Backlog Growth with Indian Oil Corporation Contract

8 March 2023

Kewaunee Scientific Corporation  a recognized global leader in the design, manufacture, and installation of laboratory, healthcare, and technical furniture products, today announces that the Company's Indian subsidiary has been awarded a contract for laboratory furniture and technical products, delivered on a turnkey basis for Indian Oil Corporation Limited's ("IOCL") new green field research and development facility, located in Faridabad, India. The project was awarded by the project general contractor, Shapoorji Pallonji Ltd.

IOCL has committed to building a new, world-class research and development center in Faridabad in Haryana. IOCL is focused on converting its refineries into integrated complexes where differentiated petrochemicals can be produced alongside the development of alternative fuels. This new facility will perform research on areas like alternative and renewable energy, and nanotechnology, among other areas of interest.

Kewaunee will be releasing earnings for the Company's fiscal year third quarter after the close of the market on March 8, 2023. This award will be included in the order backlog number presented in the March 8 Q3 earnings release.

"We are very excited to be associated with this project, which allows our team to deliver yet another state-of-the-art facility with the latest laboratory furniture and technical products to one of India's most prominent Maharatna companies," said Mr. B. Sathyamurthy, Managing Director & Vice President – International Operations, Kewaunee Scientific Corporation. "This order reaffirms Kewaunee India's execution prowess across the laboratory infrastructure value chain and leadership position as a one-stop solution provider."

"Kewaunee's international team continues to perform at a high level, working with customers to design and construct world class laboratory spaces as India's economic engine continues to roar forward," said Thomas D. Hull III, President and Chief Executive Officer of Kewaunee Scientific Corporation. "India's economy continues to be robust with significant investments being made in the public and private sectors by organizations requiring the products and services Kewaunee provides."