Stocks

Praj Industries up 4% on deal to co-develop yeast for production of lactic acid

Internet Desk | Updated on June 17, 2020 Published on June 17, 2020

Snapping a three-day losing streak, the shares of Praj Industries gained over 4 per cent to Rs 65.50 on Wednesday.

Earlier, Praj Industries and Lygos, Inc have signed a Memorandum of Understanding to co-develop Lygos’s proprietary yeast for the production of lactic acid.

As part of this MoU, Lygos will provide its proprietary yeast platform to Praj for jointly developing into various solutions for commercial applications.

Praj has already developed and offered bacterial fermentation technology to produce lactic acid and downstream products from the sugary feedstock. Lactic acid is also used in food and beverages, in cleaning agents as well as in the electronic industry.

The global lactic acid market size is estimated at around USD 1 billion as of 2019.

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Published on June 17, 2020
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