The assumption held by experts regarding Indian business’s latest fad for ‘joint ventures’ following TATA’s example has once again been proved. Praj Industries following latest mantra of various business honchos has tied up with Brazil’s Jaragua Equipments Industries resulting in a new joint venture company named Praj Jaragua Bioenergia S.A.
54 per cent stake of the venture will be with Praj while the rest with Jaragua. According to industry experts, the venture will offer a smooth entry to Praj into an otherwise growing market of ethanol.
Praj’s Chairman Pramod Chaudhari, while talking to reporters stated that the formation of new company shows the commitment on their part to Brazil’s ethanol market. He added further that the company would be looking for a long haul in Brazil. He affirmed that the new formed company would continue to work closely with Brazilian customers with the aim set in enhancement of performance of various plants as well as return on investments.
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