Praj Industries inks 60:40 JV with Aker Kvaerner

New Delhi, Jun 12 (UNI) Praj Industries Ltd today entered into a agreement with Netherlands-based Aker Kvaerner to form 60:40 joint venture (JV) company 'BioCnergy Europe BV' in Europe.

The JV will provide the technology package, engineering services, equipment and systems, project management services, construction and erection services, and commissioning, as well as turnkey biofuel plant.

''BioCnergy will bring together the core strengths of Praj and Aker Kvaerner to provide value plus solutions to the biofuels industry. The future is very promising and we are well poised to take advantage of the opportunities,'' company's Chairman Pramod Chaudhari said.

BioCnergy will address both the ethanol and biodiesel opportunities in Europe, an interesting potential given the Biofuels demand is likely to go up more than three to four times the present consumption by 2010.

The Board will consist of two members each, from Praj and Aker Kvaerner. The company will be headed by Ronald van, der Vlist, presently Director of Technology at Aker Kvaerner.

UNI