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.
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