Home >Companies >News >Praj Industries forays into renewable chemicals and materials industry

MUMBAI: Praj Industries on Thursday announced its foray into developing technologies to produce bio-based renewable chemicals and materials (RCM).

RCM produced from bio-based feed stocks are sustainable alternatives to products made from fossil resources.

Following the announcement, shares of Praj Industries jumped 3.6% to close at 69.25 on the BSE.

The company's executive chairman, Dr. Pramod Chaudhari, said Praj was open to exploring newer business models with strategic partners.

Through RCM, the company has launched a new portfolio called Bio-Prism which comprises variety of bio-industrial products including bio plastics as a priority along with cellulose-lignin refinery products and specialty products.

These products are used by companies in automotive, packaging, furnishing, construction, agriculture and food sectors.

The RCM industry worldwide is estimated at $65 billion and over a decade, is likely to cross around $200 billion at a CAGR of 11-12%. The Asian market is pegged at around $25 billion.

Praj has signed a memorandum of understanding with National Chemical Laboratory (NCL) for jointly working on promising project opportunities in the RCM space.

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