Praj Industries plans JV with Aker Kvaerner

New Delhi, Apr 19 (UNI) Praj Industries Ltd today said its board gave in-principle approval for initial investments up to Rs 40 crore to establish a joint venture in Europe with Aker Kvaerner and to commence operations in Brazil.

The distillation equipment maker also said that it was planning an entry into the biodiesel technology domain.

Praj will hold 60 per cent in the proposed joint venture with Aker Kvaerner and it will combine latter's execution capabilities and extensive European market knowledge with the technological expertise of Praj.

Meanwhile, the company today posted a whopping 158 per cent increase in its net profit at Rs 26.99 crore in the fourth quarter ended March 31, 2007 as compared to Rs 10.44 crore during the corresponding period last year.

The company's total income also rose 111.8 per cent to Rs 206.52 crore in the said period as against Rs 97.48 crore a year ago.

It recorded strong growth during the fiscal 2006-07 with the income more than doubling to Rs 616.40 crore as against Rs 270 crore and net profit more than three times at Rs 86.52 crore in comparison to Rs 24.41 crore.

UNI