India: Business Strategy Praj Industries Ventures into Global Renewable Chemicals and Materials Market
Under its new portfolio ‘Bio-Prism’, Praj Industries will be developing technologies to produce bio-based Renewable Chemicals and Materials, thus marking its foray into the global market. The move is in line with the company’s ambition of expanding its business prospects.
Pune/India – Praj has recently announced its foray into the global Renewable Chemicals and Materials (RCM) industry. The company’s 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 a variety of bio-industrial products, including bioplastics 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.
Dr. Pramod Chaudhari, Executive Chairman, Praj Industries at a recent event 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 the 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 the 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, the firm has technical collaborations with renowned global organisations.
The company has already entered into an overarching MOU with National Chemical Laboratory (NCL) for jointly working on promising project opportunities in the RCM space. Praj brings to the table its expertise in technology development, process optimisation, integration and scale-up. Praj has constituted an expert panel of advisors around the globe to help draw-up a strategic blue print and to guide in progression of the RCM programme.
To put it into context, the chemical industry worldwide is today estimated at 25 trillion dollars 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 65 billion dollars and over a decade, is likely to cross around 200 billion dollars at a CAGR of 11-12 %. The Asian market is presently pegged at around 25 billion dollars. The Bio-Prism portfolio reinforces Praj’s leadership as an innovative technology solutions provider for sustainability and conservation of the environment.