Praj plans 60:40 JV with Kvarner, eyes Brazil

The board of directors of Praj Industries has approved a proposal to float a joint venture company with Aker Kvaerner. While Praj will hold 60%, AK Process will hold 40% of the shareholding in the JV.

According to a release issued by Praj to the BSE today, Aker Kvaerner Netherlands BV, part of the Aker Kvaerner Group, would be the legal entity entering into the proposed JV that would be located in The Netherlands.

"In line with its vision to expand in the biofuels technology arena, the company has entered into biodiesel technology space. Te company will offer in-house turnkey solutions including technology, engineering, plant & equipment and project management services for biodiesel projects, ,"the release added.

The company is currently examining certain acquisition proposals to enter the Brazilian biofuels market. "The board has given in-principle approval for an initial investment up to Rs 40 crore to establish the JV in Europe, and commence operations in Brazil," the release said.