Praj Industries soared to Rs 269.90 a share, up 12.81 per cent after it formed a joint venture company with Jaragua Equipamentos Industriais of Brazil.
The joint venture company (JVC), Praj Jaragua Bioenergia, will supply end-to-end solutions. Praj Industries will hold 54 per cent in the JVC, while Jaragua will hold the remaining 46 per cent. Jaragua is a leading Brazilian engineering major. The JVC will give Praj an entry into the fast-growing ethanol market.
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