Praj forms joint venture with Brazil's Jaragua

MUMBAI (Reuters) - Praj Industries Ltd said on Thursday it has formed a joint venture with Brazil's Jaragua Equipamentos Industriais Ltda.

Praj will hold 54 percent in the venture with the Brazilian firm holding the remaining stake, it said in a statement.

The venture, situated in Brazil, will provide the Indian company an entry into the global ethanol market, it added.

The new venture will supply the entire gamut of services right from extraction of sugarcane juice to ethanol production.

Jaragua is an engineering, procurement, construction and manufacturing firm with experience in oil & gas, petrochemicals, energy and sugar business.

"The formation of the joint venture in Brazil demonstrates Praj's commitment to the Brazilian ethanol market," chairman of Praj, Pramod Chaudhuri, said in the statement.

Shares in Praj were trading up 2.85 percent at 241.50 rupees in the Mumbai market.