Latest News | Praj, ESIIC Sign Pact to Accelerate Bioeconomy in Egypt

Mumbai, Nov 8 (PTI) Industrial biotech company Praj Industries on Tuesday said it has entered into an agreement with Egyptian Sugar and Integrated Industries Company (ESIIC) to accelerate bioeconomy in Egypt.

Under this Memorandum of Understanding (MoU), Praj and ESIIC will together set up first and second generation ethanol projects in Egypt, a statement said.

Also Read | India Saw 6% Decline in Hiring Activity in October 2022 Amid Funding Winter and Recession Fears, Says Report.

Praj and ESIIC will develop infrastructure, help formulate policy framework, and create awareness among others, to mainstream bioeconomy.

"We are delighted to partner with ESIIC who are exploring use of ethanol beyond transportation application. To combat evils of climate change, harnessing cleaner greener technologies is an imperative as sustainable climate action.

Also Read | Uttarakhand Sthapna Diwas 2022 Date: Know the History & Significance of Uttarakhand Divas That Marks the State Foundation Day.

"I am confident that this partnership for furthering bioeconomy will accelerate energy transition as well as give a boost to the journey towards carbon neutrality," Praj Industries Founder and Chairman Pramod Chaudhari said.

ESIIC Chairman and Managing Director General Essam El- Din EI-Bedewy said, "We believe this partnership will help Egypt scale greater heights in bioeconomy. We endeavour to adopt renewable alternatives to achieve carbon neutrality. Praj's expertise in 2G (second generation) ethanol space will definitely benefit Egypt."

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)