Indian Oil Corporation (IndianOil), India's flagship national oil company, has selected Praj Industries, a Pune‐based global process solutions leader, as its technology partner for setting up multiple 2nd Generation (2G) bio‐ethanol plants based on indigenously developed technology. IndianOil will be setting up three such 2G bio‐ethanol plants.  

Indian Oil, like other Oil Marketing CPSEs are blending biofuels in transportation fuels at the depot to bring down dependency on crude oil imports and to avail of the resultant economic and environmental benefits. In order to enhance ethanol availability in the country for blending with petrol, IndianOil is developing 2G ethanol production infrastructure using ligno‐cellulosic biomasses as feedstock.

Pramod Chaudhari, executive chairman, Praj Industries, said, ''It is a great honour for us to be chosen by IndianOil to become their technology partner in multiple 2G bio‐ethanol projects in India. We have prepared ourselves to execute 2G ethanol projects over Rs 30 billion in two‐three years.'' 

He further added that, ''Praj is offering end‐to‐end 2G ‘Smart Bio‐refinery’ solutions globally. Our 'Smart Bio‐refinery' is capable of producing bio‐ethanol and other co‐products such as bio‐CNG, power and a variety of biochemicals.''  

Shares of the company gained Rs 1.05, or 1.2%, to trade at  Rs 88.75.  The total volume of shares traded  was  402,402 at the BSE (12.28 p.m., Wednesday).