Mumbai: Praj Industries Ltd has formed a joint venture with a Brazilian company Jaragua Equipamentos Industriais Ltda.

Praj possesses 54% stake in the JV deal, whereas Jaragua holds the remaining stake (46%).

The venture, sited in Brazil, will help Praj to enter the fastest growing ethanol market in the world.

The new venture will supply the complete array of services from taking out of sugarcane juice to the creation of ethanol production.

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

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

“We are in Brazil for the long haul and will work closely with Brazilian customers to enhance the performance of ethanol plants and their return on investments, Mr Chaudhari added.