Friday, May 3 2024 | Time 19:26 Hrs(IST)
image
Business EconomyPosted at: Feb 22 2023 7:05PM


Initiatives in Energy Transition and climate action to drive Praj’s global growth

Pune, Feb 22 (UNI) Praj Industries’ Founder Chairman Dr. Pramod Chaudhari interacted with the media to apprise them about the company's various initiatives on business growth and social commitment here on Wednesday.
This press briefing commemorates Praj’s entry into the Ruby year (40th Year) of its journey. Also present on this occasion were Mr. Shishir Joshipura, MD & CEO and Mr. Raole, CFO & Director (Resources).
Emphasizing the importance of sustainable development, Dr. Chaudhari underlined the dire need to combat evils of climate change. He cited that the insurance industry’s losses fueled by climate change are now regularly exceeding $100 billion a year. He stressed that bioeconomy has emerged as one of the most promising sustainable climate actions. He also shared progress on a number of initiatives Praj has been taking in bioeconomy to propagate Renewable Chemicals and Materials as well as biofuels.
In the pursuit of a low carbon economy, Praj is developing sustainable solutions in the form of Renewable Chemicals and Materials (RCM). To curb evils of plastic menace and to support government of India’s single use ban on plastic Praj has developed technology to produce bioplastics i.e. Polylactic Acid (PLA) as part of its Bio-PrismTM portfolio. To accelerate commercialization of bioplastics, Praj is setting up a first of its kind demo plant for Polylactic Acid (PLA) at Jejuri in the outskirts of Pune. This pilot facility will be used for scaled production of Food Grade Lactic Acid and Polylactic Acid.
While ethanol blending in petrol is already established as a strong solution to decarbonize surface transportation, Sustainable Aviation Fuels (SAF) is an emerging solution for cleaner skies. Earlier, Praj had developed technology with US based GEVO Inc. and had entered into MoU with IOCL for production of SAF. Recently in an MoU with Axens of France for building SAF projects, Praj is developing a resilient industry ecosystem to capitalize promising opportunities in SAF.
To address the growing opportunity basket from the Energy Transition and Climate Actions (ETCA) agenda, Praj is setting up a modern manufacturing facility to be housed into a new subsidiary. The new facility will be set up near a major port with an investment of Rs. 100 crores.
The existing Kandla facility will continue to serve the current market of Oil & Gas and Fertilizers while the new facility will be dedicated to opportunities from the ETCA segment.
To build on the rich legacy of four decades of leadership in global bioeconomy and to secure new opportunities ushering on the horizon, Praj has launched a comprehensive Transformation program. BAIN & Co, a top tier management consulting firm has been roped in to develop strategic blueprint to ensure sustainable growth in the coming decade, to strengthen Praj’s global leadership in bioeconomy.
As part of its social commitments, Praj has undertaken a project to create a model Net Zero and Climate Resilient village at Mandede in Mulshi taluka near Pune. Praj has engaged Gokhale Institute of Politics and Economics, for validation.
Talking about all these developments, Dr. Pramod Chaudhari said, “We have unprecedented business opportunities ahead on the back of rising awareness about climate change and strong global mandates. We believe we are in a good position to capitalize these, given our unique business philosophy of R&D to D&D i.e. design & deployment and formidable track record. We are also gearing up for the next phase of growth by making strategic investments to enhance our delivery capabilities.”
UNI SP GNK
Please log in to get detailed story.
Tags: #Initiatives in Energy Transition and climate action to drive Praj’s global growth
More News

MRF' s consolidated income Rs 25,486 cr in FY 2023-24

03 May 2024 | 7:00 PM

Chennai, May 3 (UNI) Tyre major MRF' s consolidated total income is Rs 25,486 Crores for the year ended March 31, 2024, as compared to Rs. 23,261 crores in the previous year.

see more..
Rs 2000 banknotes continue to be legal tender; 97 76% returned till now: RBI

Rs 2000 banknotes continue to be legal tender; 97 76% returned till now: RBI

03 May 2024 | 6:48 PM

Mumbai, May 3 (UNI) The Government has received 97.76 percent of Rs 2000 currency notes as on April 30, 2024, the RBI said on Friday while adding that the banknotes continue to be legal tender.

see more..

RXIL TReDS surpasses Rs 1 lakh cr in invoice financing for MSMEs

03 May 2024 | 6:23 PM

Mumbai, May 3 (UNI) Receivables Exchange of India Limited (RXIL) Trade Receivables Discounting System (TReDS) has achieved a significant milestone, facilitating financing of over 50 lac invoices worth Rs one lakh crore since its inception, providing accessible working capital financing solutions to Micro, Small and Medium Enterprises (MSMEs) in India which play a pivotal role in driving economic growth and facilitating the nation's journey towards achieving a Rs five trillion economy.

see more..
Profit booking pulls market down nearly 1%

Profit booking pulls market down nearly 1%

03 May 2024 | 6:11 PM

Mumbai, May 3 (UNI) The stock market on Friday fell nearly one percent as the BSE sensex closed at 73878.15 points down by 732.96 points from previous close even as there were no negative surprises in the Q4 earnings of some of major companies.

see more..

Raymond Q4 profit jumps 18 pc to Rs 230 cr, revenue up 21 pc

03 May 2024 | 6:00 PM

New Delhi, May 3 (UNI) Raymond Ltd on Friday reported 17% year-on-year increase in its consolidated net profit at Rs 229.79 crore for January-March quarter (Q4) of financial year 2023-24.

see more..
image