The Hindu Business Line : Praj Ind entering Brazil to tap global ethanol demand

Pune June 5 Praj Industries Ltd is setting up a full-fledged marketing office in Brazil by July to tap the growing global demand for fuel ethanol that is expected to cross 90 billion litres by 2010 from the current 59 billion litres. Subsequent expansion there will be through the acquisition route.

The joint venture with European company Aker Kvaerner, in which Praj has a majority stake, also becomes operational next month, with the 10 per cent blending mandate of the European Union acting as a main driver of growth, Mr Pramod Chaudhari, Chairman, Praj Industries, said.

Among the company's other initiatives outlined at the shareholders' annual general meeting were its focus on biotechnology, efforts to improve the existing biofuel production technology and development of `sustainability metrics', a framework that will take into account the earth and the people while chalking out its own evolution and earnings.

On the business road map for the next five years, Mr Chaudhari said, "We are working on a blue print that will be guided by our vision to be a powerhouse in industrial biotechnology and continue to work towards environmental protection."

Earlier this fiscal, Praj introduced bio-diesel technology and plants as a new line of business and expects to consolidate it. Mr Chaudhari said that with per capita beer consumption expected to double over the next five years, the brewery business was poised for a major upswing.

Inamdar is CEO & MD

Mr Shashank Inamdar, inducted in April as Managing Director, Praj Industries Ltd, will be re-designated MD and CEO of the company for a period of three years with effect from August 1. A special resolution to this effect was passed at the AGM today.

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