Praj Industries entered into a binding agreement for cost sharing with Indian Oil Corporation Limited

by Shrutee K/DNS

India, 8^th December 2016. Praj has entered into a binding agreement for cost sharing with Indian Oil Corporation Limited (IOCL) on 7^th December 2016 to set up one plant each at Panipat, Haryana and Dahej, Gujarat. These 2nd Generation (2G) bio-ethanol plants will have capacity to produce 100 Kilo litres of ethanol per day.

This is a progress milestone as per MoU signed earlier this year wherein IOCL selected Praj as its technology partner for setting up multiple 2G bio-ethanol plants based on its indigenously developed technology.

Additionally, now Bharat Petroleum Corporation Limited (BPCL) has also selected Praj, as technology partner for setting up one 2G bio-ethanol plant in the state of Orissa having the capacity of 100 Kilo litres of ethanol per day.  Both parties entered into MoU to this effect on 7^th December 2016. Project timelines and capital outlay estimations are under finalisation.

These agreements were executed on the side-lines of recently concluded PETROTECH 2016, held in New Delhi in the presence of group of union ministers. Second Generation bio-ethanol technology uses ligno-cellulosic biomass (agri-residue) as feedstock. Farming community is expected to be benefited from additional revenues from agri-waste. 2G bio-ethanol also helps reduce dependency on the imported crude oil, thereby saving foreign exchange. This technology will act as a socio-economic and environmental enabler.

Speaking on the occasion, Mr. Pramod Chaudhari, Executive Chairman, Praj Industries Ltd., said, “We are pleased with the progress of setting up of 2G ethanol projects by the OMCs. Praj is equally committed to partner with OMCs in their achievement of completing project targets. This is in line with Govt. of India’s vision of increased contribution of renewables in India’s energy portfolio.

About Praj Industries Limited: Praj is a global process solutions company driven by innovation and integration capabilities, offers solutions to add significant value to Bio-ethanol facilities, Brewery plants, Water & Wastewater treatment systems, Critical Process Equipment & Systems, Hipurity solutions and Bio-products. Over the past 3 decades, Praj has focused on Environment, Energy and Agri-process led applications. Praj has been a trusted partner for process engineering, plant & critical equipment and systems with over 750 references across five continents. Solutions offered by Praj are backed by its state of the art R&D Centre called Praj Matrix. Led by an accomplished and caring leadership, Praj is a socially responsible corporate citizen. Praj is listed on the Bombay and National Stock Exchanges of India.