Praj Industries surges 4% on pact with Indian Oil for biofuels production

Various biofuels covered under this agreement include Sustainable Aviation Fuel (SAF), Ethanol, Compressed Bio-Gas (CBG), Biodiesel and Bio-bitumen among others, Praj Industries said.

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Shares of Praj Industries rose more than 4 percent on July 7 as the company has signed an agreement with Indian Oil Corporation Limited (IOCL) to strengthen biofuels production capacities in India.

Various biofuels covered under this agreement include Sustainable Aviation Fuel (SAF), Ethanol, Compressed Bio-Gas (CBG), Biodiesel and Bio-bitumen among others, the company said in a regulatory filing.

At 9:23 am, shares of the company were trading 4 percent higher at Rs 385.75 on the BSE. Meanwhile, IOCL shares were also up 2.1 percent at Rs 100.7.

Earlier in October 2021, both the companies had entered into an agreement to form a 50:50 Joint Venture to this end.

The nation’s first-of-its-kind advanced biofuels refinery at Indian Oil’s Panipat complex is based on Praj’s proprietary 2G technology, the company added in the filing.

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“This year in May, Indian Oil and Praj partnered with AirAsia India and flew India’s first-ever commercial passenger flight powered by a blend of ‘indigenous’ Sustainable Aviation Fuel”,” said Pramod Chaudhari, Founder Chairman, Praj Industries.

The Pune based company is a supplier or constructor of ethanol plants, and a global company that provides various engineering solutions with a focus on the environment, energy, and agri-process industry. Praj Industries is the Indian market leader in the Ethanol Plant market and among the top Zero Liquid Discharge players in the country.

Praj Industries is a key beneficiary of multiple tailwinds provided by the bio-economic revolution, giving strong growth and revenue visibility for the next 3-5 years, said Axis Securities while adding that the company is a pure equity play on global decarbonisation theme.

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