Praj Industries today said it has signed agreements with Indian Oil Corporation (IOC) and Bharat Petroleum Corporation Ltd (BPCL) to set up three bio- ethanol plants in Gujarat, Haryana and Odisha.
The memoranda of understanding (MoU) were signed yesterday on the sidelines of PETROTECH 2016 held here.
"Praj has entered into a binding agreement for cost sharing with Indian Oil Corporation Ltd (IOCL)...To set up one plant each at Panipat, Haryana and Dahej, Gujarat," the company said in a statement.
These second generation (2G) bio-ethanol plants would have capacity to produce 100 Kilo litres of ethanol per day.
"This is a progress milestone as per MoU signed earlier this year wherein IOCL selected Praj as its technology partner for setting up multiple 2G bio-ethanol plants based on its indigenously developed technology," the company said.
Bharat Petroleum Corporation Ltd (BPCL) has also selected Praj as technology partner for setting up one second generation bio-ethanol plant in Odisha having the capacity of 100 Kilo litres of ethanol per day.
"Project timelines and capital outlay estimations are under finalisation," the company said.
The second generation bio-ethanol technology uses ligno- cellulosic biomass (agri-residue) as feedstock. Farming community is expected to be benefited from additional revenues from agri-waste.
The second generation bio-ethanol helps reduce dependency on the imported crude oil, thereby saving foreign exchange. This technology will act as a socio-economic and environmental enabler.
Praj Industries Executive Chairman Pramod Chaudhari: "We are pleased with the progress of setting up of 2G ethanol projects by the OMCs. Praj is equally committed to partner with OMCs in their achievement of completing project targets.
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