Praj Industries in JV with Dutch Aker Kvaerner

New Delhi, Apr 22: The Rs 600-crore Praj Industries plans to enter into a 60:40 joint venture with Dutch firm Aker Kvaerner Netherlands BV with initial investments up to Rs 40 crore.

It is also looking to acquire a Brazilian company to establish a foothold there.

Praj Industries specialises in setting up cane molasses-based ethanol plants and offers technology for a wide range of feedstock, including cane juice and syrup, beet juice and starch-based raw materials such as grains and tubers.

An engineering and construction major, the Netherlands partner offers expertise from concept studies to design, engineering, project management, technology delivery, procurement and maintenance services.

The JV is intended to blend Kvaerner's execution capabilities and extensive European market knowledge with Praj Industries' technological expertise.

The board of the company has given its in-principle approval for same, a statement said.

UNI