Speaking at a plenary session of Advanced Bioeconomy Leadership Conference (ABLC) 2020 Digital that is underway, Dr. Pramod Chaudhari, Executive Chairman, announced Praj's foray into the global Renewable Chemicals and Materials (RCM) industry. ABLC 2020 Digital is an annual gathering of industry stakeholders from across the world to share technological advancements and the latest industry trends.
Praj' strategy has been to expand its business horizons leveraging its innovative, technology solutions in Bioeconomy. As a part of its newly launched Bio-Prism™ portfolio, Praj is developing technologies to produce bio-based Renewable Chemicals and Materials (RCM). RCM produced from bio based feedstocks, are sustainable alternatives to products made from fossil resources.
On the back of a formidable track record of its Bio-Mobility™ platform for renewable transportation fuel globally, Praj is now making inroads into the RCM industry through its newly launched Bio-Prism™ portfolio. This reaffirms Praj's vision of developing and deploying environment friendly and sustainable solutions to make the world a better place.
Praj's Bio-Prism™ portfolio comprises variety of bio-industrial products, including bio plastics as a priority, along with cellulose-lignin refinery products and specialty products. These products have applications in industry sectors such as automotive, packaging, furnishing, construction, agriculture and food. Over a short to medium term, Praj plans to commit substantial resources for technology and application development with its strategic partners.
Speaking on the side-lines of ABLC 2020 Digital, Dr. Pramod Chaudhari, said, "Praj pole-vaults into a league of select companies worldwide that are configuring the RCM landscape, with the launch of the Bio-Prism portfolio. Together with Bio-mobility, Bio-Prism becomes another mainstay of Praj's contribution to the global Bio economy. Over past 3 decades we have developed deep insights and expertise at our R&D facility, Praj Matrix, in processing diverse range of bio-based feedstocks. Our stride in RCM is the result of exclusive work in molecular biology, microbiology, fermentation and chemical synthesis." Depicting RCM project as "Nature Reimagined - The Promise of Sustainability", he further added that Praj is open to exploring newer business models with strategic partners.
To bring this vision into reality, Praj has technical collaborations with renowned global organizations. Praj has already entered into an overarching MoU with National Chemical Laboratory (NCL) for jointly working on promising project opportunities in RCM space. Praj brings to the table its expertise in technology development, process optimization, integration and scale-up. Praj has constituted an expert panel of advisors around the globe to help drawup a strategic blue print and to guide in progression of RCM programme.
To put it into context, the chemical industry worldwide is today estimated at US $ 25 trillion annually. Renewable chemicals have a potential to replace a majority of chemicals that are currently sourced using fossil resources. The RCM industry worldwide is estimated to have reached US $ 65 billion and over a decade, is likely to cross around US $200 billion at a CAGR of 11-12%. The Asian market is presently pegged at around US $ 25 billion.
The Bio-Prism™ portfolio reinforces Praj's leadership as an innovative technology solutions provider for sustainability and conservation of the environment.
Shares of PRAJ INDUSTRIES LTD. was last trading in BSE at Rs.66.85 as compared to the previous close of Rs. 66.4. The total number of shares traded during the day was 242076 in over 1785 trades.
The stock hit an intraday high of Rs. 68.9 and intraday low of 66.5. The net turnover during the day was Rs. 16378663.