Praj Industries is setting its sights on opportunities across sectors like sustainable aviation fuel (SAF), biopolymers, and energy transition and climate action (ETCA), with ambitious plans to triple its revenues by 2030.
At a press conference, Dr Pramod Chaudhari, founder-chairman of Praj Industries Ltd, along with senior leadership, including Atul Mulay, President of Bioenergy Business, and Ghanshyam Deshpande, President of Technology, shared insights into the company’s strategy and preparedness to capitalise on emerging opportunities in these sectors.
The leadership team emphasised on Praj’s commitment to innovation and sustainable solutions, underscoring the company’s readiness to address global challenges while driving its growth trajectory.
Growing sectors
“The energy transition and climate actions (ETCA) sector, which has a global potential and contains segments like blue and green hydrogen, green ammonia and west to energy solutions, is expected to drive the growth. Globally, the energy majors are likely to invest close to ₹25 lakh crore in the clean energy sector by 2030, whereas the traditional oil and gas market will continue to attract new investments to the tune of 21 lakh crore in the next 10 years’ time on the global front,” said Chaudhari.
“This will lead to the significant demand for modularisation solutions for setting up plants in the above-mentioned sectors. To cater to this demand, Praj has developed strong engineering capabilities in modularisation and has set up a dedicated advanced manufacturing facility at Mangalore in Karnataka with an investment of about ₹400 crore. Spread across 123 acres of land, this plant can deliver revenues in the range of ₹2,000-2,500 crore annually at the optimum level”, he added.
New opportunities
“The CORSIA agreement for the use of Sustainable Aviation Fuel (SAF) has opened a door to the new opportunities for Praj as India has set the target of blending 1 per cent by 2027 and 2 per cent by 2028. Whereas, the EU and USA has kept the SAF blending target of 6 per cent and 10 per cent respectively. India’s first commercial passenger flight powered by indigenously produced SAF from sugarcane molasses successfully flew from Pune to New Delhi. Air Asia, Praj and Indian Oil came together for this successful attempt”, informed Ghanshyam Deshpande.
Atul Mulay said, “The current revenue of Praj is close to ₹3,400 crore annually, and we have a goal to reach ₹10,000 crore by 2030. Currently, share of exports is around 29 per cent; we are looking at increasing it to 50 per cent by 2030.”