Praj Industries to soon acquire US facility

Mumbai, June 5: The board of Praj Industries has approved a proposal to acquire facilities in US to enhance the global delivery model.

Announcing this, the company said the board has cleared investment of funds to expand the R&D centre and other resources. The new R&D centre will further take on biotechnology oriented projects in areas beyond alcohol/ethanol technology.

Further, it also received series of new orders in domestic market, apart from international customers in Latin America and South East Asia. According to the company, it has secured orders worth Rs 450 crore.

Further, the board has completed an allotment of 16,22,250 equity shares and 64,89,000 warrants to a well-known venture capitalist from US. The investor is actively promoting bio-ethanol and Marubeni Corporation, Japan (8,11,125 equity shares).

UNI