Praj Industires joins hands with ESIIC to accelerate bioeconomy in Egypt

9 Nov 2022 , 09:17 AM

On the eve of 27th Climate Change Conference in Egypt, Praj Industries Limited (Praj) has announced that they have entered into an MoU with Egyptian Sugar and Integrated Industries Company (ESIIC) of Egypt. As a part of this MoU, both parties will drive sustainable climate actions to combat evils of climate change.

Under this collaboration, Praj Industries and Egypt’s largest sugar sector company ESIIC have come together to set up 1st and 2 nd Generation ethanol projects in Egypt. Praj and ESIIC will develop infrastructure, help formulate policy framework, and create awareness etc. to mainstream Bioeconomy. Sugarcane bagasse and rice straw are envisaged to be feedstock for conceiving Egypt’s first 2 nd Generation ethanol project.

Low carbon ethanol produced from these 2G ethanol plants will be supplied as feedstock for production of specialty chemical. This sustainable biochemical will reduce dependency on the chemicals derived from fossil route. Bioethanol supplied as chemical intermediate is based on circular bioeconomy principle that will reduce GHG emissions by recycling of carbon.

This MoU is seen as one of the important developments at a time when calls for phasing out fossil-based resources and transition to renewable alternatives, are gathering momentum during ongoing COP 27 summit.

At around 9:16 AM, Praj Industries Ltd is currently trading at Rs419.80 per share up by Rs2.7 or 0.65% from its previous closing of Rs417.10 per share on the BSE.

For feedback and suggestions, write to us at [e-mail]