Praj Ind promoter sells 8.01% stake to Tata Sons

Praj Industries Ltd today announced that its promoter Pramod Chaudhari and his family sold 13.42 million shares, or 8.01% of the distillation equipment maker’s equity, to Tata Sons Ltd in a block deal.Bombay Stock Exchange data showed there was a block deal of 13.46 million Praj shares at Rs251 each in early trade.

“The subject in which we are specialising is of subject of interest world wide,” Chaudhari, the company’s chairman, told a television channel on the interest of investors in the company.

Earlier this year, the board had approved a joint venture with Europe’s Aker Kvaerner Netherlands BV and said it expected its revenue to be Rs1,000 crore in 2007-08.The company was also considering acquisition in Brazil.

Praj in JV with Aker Kvaerner for tapping bio-fuels

Praj Industries on Tuesday said it has formed a 60:40 joint venture company with Aker Kvaerner, global provider of engineering and construction services, for exploring ethanol and bio-diesel opportunities in Europe.

Both the companies have announced the finalisation of an agreement to form a joint venture company in Europe named BioCnergy Europe BV, the domestic engineering company said in a communique to the Bombay Stock Exchange (BSE).

Aker Kvaerner Netherlands BV, a wholly-owned subsidiary of Aker Kvaerner ASA, is the legal entity entering into the JV with Paraj Industries. The JV would be located at Zoetermeer in the Netherlands.

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

BioCnergy would address both the ethanol and biodiesel opportunities in Europe as the bio-fuels demand is likely to go up more than three-four times the present consumption by 2010.