Strong Growth in turnover & profits for 2006-07

The Board of Director of Praj Industries, the global ethanol technology Company, took on record the Q4 performance along with the audited accounts for the FY 2006-07.

For the 4th quarter ended 31st March, 2007, the total income and profits more than doubled when compared to the corresponding quarter in previous year. For Q4 2006-07, total income is at Rs. 206.52 crores (Rs.97.48 crores), PBT at Rs. 31.99 crores (Rs.13.84 crores) and PAT at Rs.26.99 crores (Rs. 10.44 crores).

The Company recorded strong growth during the year with total income more than doubling to Rs. 616.40 crores (Rs. 270 crores) and PBT and PAT more than three times at Rs.110.00 crores (Rs. 32.38 crores) and Rs. 86.52 crores (Rs. 24.41 crores).

“This performance is an indication that we are already moving up not only in terms of topline, but also in terms of profitability,” said Pramod Chaudhari, Chairman.

Based on this strong performance, the Board had declared the second interim dividend of 90% in March, 2007 which has already been paid. So far, the Company has paid an interim divided totaling 135% for the year. And now, The Board has also proposed a Bonus Share of 1:1.

In a briefing to the press on 19th April, 2007, Pramod Chaudhari shared the future plans of the Company.

Close at heels of success in Asia and in Americas, Pramod Chaudhari is very optimistic of the future performance in the new initiatives. “The Company is expected to move to a new trajectory that will enhance its global market share to beyond 10% in biofuel technology sector by turn of the decade. This may involve organic and inorganic growth strategies including acquisitions/JVs overseas, expansion of geographies or product offering speeding up R & D. Some action has already been initiated in this direction”, he said.

Praj Board gives consent for European JV

The Board of Praj Industries has given a green signal to the implementation of the proposed JV of Praj and Aker Kvaerner. Praj will hold 60% and Aker Kvaerner will hold 40% of the shareholding in this JV.

The proposed JV will combine Aker Kvaerner’s execution capabilities and extensive European market knowledge with the technological expertise of Praj.

The JV will offer European customers access to the complete scope of services required for license, plant design and construction, with seamless integration and application of the Praj technology. Praj, a global leader in bio-ethanol technology for over two decades, has been active in European markets for bio-ethanol technology solutions. In 2006, Praj and Aker Kvaerner entered into an alliance for strategic cooperation on bio-ethanol projects in Europe. Based on market interest in the alliance and the fact that Europe will follow a binding guideline of 10 per cent bio-fuels blending by 2020, thereby expanding the market opportunity for biofuel plants, the two companies commenced discussions to extend their association by forming a JV. Apart from the potential to expand new business prospects, the JV offers greater visibility for both the Praj and Aker Kvaerner businesses in this marketplace.

Aker Kvaerner Netherlands BV, part of the Aker Kvaerner Group, would be the legal entity entering into the proposed JV with Praj. The JV would be located in The Netherlands.

Entry into Biodiesel Technology Domain

With nearly 60% of the incremental growth in world transport fuel being diesel based and with almost all countries round the world being major diesel consumers, on and off the road, Praj management felt it was the right time to address the biodiesel technology market. With its superior engineering expertise and its understanding of agri-based raw materials, Praj has on offer a robust plant which will have the capability to process a wide range of feedstocks.

A separate division has been created within the Company to promote the biodiesel business line.

Brazilian Acquisition on the Cards

Praj is currently examining certain acquisition proposals with a view to enter Brazilian biofuels technology, plant & equipment market and establish an operational base.

Meanwhile the Board has given an in-principle approval for initial investments upto Rs. 40 crores to establish the JV in Europe and to commence operations in Brazil.

Guidance

With a number of new initiatives, performance of the Company is expected to show significant enhancement. Pending orders as of End March 2007 are in the region of Rs. 750 crores. As advised to shareholders earlier, the Company is working towards advancing its Rs. 10 bln target from 2009 to 2008 and will make every attempt to cross this benchmark in the current FY 2007-08 itself. The Company has already ramped up its resources. Praj is setting up a new R & D facility with an expected capex of Rs. 40 crores. The Company’s SEZ facility in Kandla is already in operation. Brewery Equipment business of the Company will also get a fillip with added manufacturing capacity to address the growing demand for brewery equipment.

15th March, 2007

Belgian Bioethanol Plant & Equipment Contract for Praj

Praj has been awarded the second phase contract for the wheat and beet based bio-ethanol plant for Biowanze SA, a subsidiary of CropEnergies AG (a Sudzucker Group Company), through De Smet S.A. Engineers & Contractors, EPC contractor engaged by Biowanze for the project. The contract value is close to Rs. 65 crores (Euro 11.502 million).

The second phase involves supply of equipment for the core bio-ethanol process plant comprising liquefaction, fermentation, multi-pressure distillation, dehydration and vinasse evaporation.

Euro 5.4 billion Sudzucker Group, with 44 sugar factories spread across Europe, is the largest sugar producer in Europe. CropEnergies AG is also one of the leading producers of bio-ethanol in Europe.

“Europe is experiencing growth in Ethanol Plant installation. Praj has already made headway in the European Ethanol Industry with orders from British Sugar and Suedzucker group in Western Europe as well as from Companies in Eastern Europe for technology and critical equipment. Going forward, we see a lot of potential, particularly in light of the recent endorsement of Biofuels Policy by European Council”, said Anil Deshpande, President, European Operations.

(Note: In the first phase, the contract included Licence, Basic Engineering and other Services for their proposed 300,000 cubic meters Bio-ethanol Complex at Wanze in Belgium. The first phase of the order value was Euro 2 million (approx. Rs. 11 crores)).

European Council endorses 10% share of biofuels in all road transports by 2020

On 9th March, the European Council endorsed the policy proposal of the European Commission that there should be at least a 10% share of biofuels in all road transport fuel by 2020 in all EU Member States. The target is binding on all EU Member States. This step is expected to combat climate change and bring down substantially GH emissions from road transport. The new target is seen to make many announced projects feasible. It is also expected to trigger new investments in demonstration plants for more cost-efficient production of bioethanol that at the same time will contribute to better GHG performance of this green fuel.

The Council has now asked the Commission to present this year a proposal for a new comprehensive renewable energy Directive.

eBIO, a non-profit European Industry Association based in Brussels, is hoping that the Commission will also consider to write into the Directive proposal an interim target for 2015, helping the industry to plan the investments needed to achieve the 10% target by 2020.

The Commission has proposed a 20% reduction in Greenhouse gases by 2020.

12th February, 2007

Chairman, Praj Industries conferred ‘Outstanding Innovation’ award by Chemtech Foundation

Pune, February 12 : Pramod Chaudhari, Chairman, Praj, was conferred an award for ‘0utstanding Contribution through Innovation’ for leading Praj Industries (Praj)  in developing technology for production of renewable fuel ethanol from Sweet Sorghum .  The award was conferred by Chemtech Foundation.

On receiving this award Mr. Pramod Chaudhari, Chairman, Praj, said, “We are pleased to receive this award. Innovation is one of our core values and we attribute our success to it. Our R&D laboratory ‘Matrix’ contributes to the global effort to make green energy viable. This is a very significant area and the world is now sitting up to take notice.  Renewable Energy as a need of the hour is being discussed in practically every leading forums like the World Economic Forum, Davos; ASEAN, etc.  We are proud to contribute to the worthy cause of researching alternatives for energy.”

On behalf of Praj Industries and Pramod Chaudhari, Ravikumar Rao (Manager-Process, Matrix- The Innovation Center) has received the award at the hands of Honorable Dr. Laxman Prasad, Advisor, Department of Science & Technology, Govt. of India in a Function held at   Mumbai.

Sweet-sorghum is a multi-purpose crop, producing fuel in the form of ethanol from its stem juice, and fodder from its leaves and bagasse while the cobs of grain can be used as animal feed. Traditionally, ethanol has been produced mainly from cane molasses, a byproduct of sugarcane processing.   Unlike sugarcane, sweet sorghum utilizes relatively lower water for irrigation and less fertilizer.  It does not compete in the food crops category and hence qualifies as an eminent energy crop for ethanol production.

Chemtech Foundation recognises exceptional contribution to Indian industry, R&D and environment through the CHEMTECH Awards. These awards are conferred in recognition of the development, growth and innovation in the process industry and business. Some of the prominent former recipients of the Chemtech CEW awards are the Late Shri Dhirubhai Ambani, Late Shri Aditya Birla, Late Shri Darbari Seth and Dr R A Mashelkar to mention a few.

About Praj Industries:

Praj is a global Indian company that offers innovative solutions to significantly add value in alcohol and brewery technology and related wastewater treatment systems for customers in India and around the world. Praj is a Knowledge based company with expertise and experience in Bioprocesses and engineering. It delivers Know how, License, engineering design, plant & equipment, project management, commissioning and customer care and turnkey projects. Led by an accomplished and caring leadership, Praj is a socially responsible corporate citizen.

9th January, 2007

Praj posts impressive Q3 results Total Income 3 times higher; profit margins move up

The Board of Directors of Praj, the global Ethanol & Brewery Technology major, took on record the unaudited financial results for the Q3 of FY 2006-07.

Corresponding Quarter Review (Q3 2006-07/Q3 2005-06):

• Total Income at Rs.179.90 crores (Rs. 53.83 crores) 3 times than in previous corresponding quarter.

• PBT at Rs. 44.77 crores (Rs. 5.06 crores) & PAT at Rs. 33.64 crores (Rs. 3.70 crores) 9 times than in previous corresponding quarter.

Consolidated Review for Nine Months (2006-07/ 2005-06):

• Total Income more than doubles at Rs. 409.87 crores (Rs.172.54 crores)

• PBT and PAT more than four times at Rs.78.37 crores(Rs.18.54 crores) and Rs. 59.53 crores (Rs.13.96 crores)

“This performance level can be attributed to acceptance and response to Company’s technology and equipment from newer regions of international markets and the scalability strategies implemented”, said Pramod Chaudhari, Chairman, Praj.

“While total income is increasing in line with growth plans and related preparations, profitability is also showing desired improvement. Rise in profitability is a combination of increased business volume with technology based solutions as well as productivity measures adopted in engineering and manufacturing. We will endeavour to sustain the growth and profitability momentum,” added Pramod Chaudhari.

Pending orders, as of January, 2007 are in the region of Rs. 800 crores.

To address the enhanced performance levels, the Company had decided to set up manufacturing facilities near Mumbai Port and at Kandla SEZ, largely to address the export market. The facility near Mumbai is already in operations whilst the Kandla facility is under construction. On the engineering side, the Company has doubled its staff strength and further additions are on.

2nd January 2007

Major orders for PRAJ from USA with breakthrough in Midwest ethanol industry.

Praj Industries, the global ethanol technology provider and renewable energy Company continues to record significant order intake from USA.  In the last quarter of 2006(Oct-Dec),  Praj contracted the second phase orders from Cilion for its Imperial County project as also from Missouri Valley Energy for its Meckling, South Dakota project.
While the first phase(orders received earlier) involved supply of technology package, the second phase deals with supply of  equipment.  Additionally, Praj also recieved an order for USA’s first sugarcane based ethanol project.
Aggregrate contract value of these orders is in excess of Rs. 1700 mln.

The Imperial County project is the third project of Praj for the Cilion Group. Cilion will produce 110 mgpy (400 mln litres per annum) ethanol from this facility.

The order from Missouri Valley for a 55 mgpy ethanol plant heralds Praj’s entry into Corn Farmer’s Cooperative Sector in the mid-west of USA. Missouri Valley Energy LLC is promoted by Glacial Lake Energy, an established name in ethanol industry who operate an ethanol plant in the mid-west and are currently engaged in the construction of three greenfield ethanol facilities.

In another major development, Praj got a breakthrough in the sugarcane belt of USA.  Louisiana Green Fuels LLC has awarded a contract to Praj for an integrated 23 mgpy ethanol plant using sugarcane based feedstocks.  This plant will be located at Lacassine, Louisiana, adjacent to an exisiting cane syrup mill.

“In the very first year of entry into USA, Praj has achieved sizable business  resulting into capacity addition in the region of 700 mgpy by way of Paj technology and equipment from many prestigious clients”, said Shashank Inamdar, Managing Director, Praj.

29th November 2006

Praj Bio-ethanol Technology for Belgium!

Biowanze SA, a subsidiary of CropEnergies AG (a Sudzucker Group Company) has signed a Contract with Praj for Licence, Basic Engineering and other Services for their proposed 300,000 m 3 per year (240,000 tons per annum) Bio-ethanol Complex at Wanze in Belgium. Praj Licence & engineering scope includes the core bio-ethanol process plant comprising liquefaction, fermentation, multi-pressure distillation, dehydration and vinasse evaporation. Wheat & beet syrup will be used as feedstock at this facility.

Euro 5.4 billion Sudzucker Group, with 44 sugar factories spread across Europe, is the largest sugar producer in Europe. CropEnergies AG is also one of the leading producers of bio-ethanol in Europe.

31st October, 2006, Pune

Praj inks alliance with Meura for High Performance Brewery Mash Filters Praj expands Brewery Business

Keeping in mind the need for rapid expansion of capacity, as well as higher capacities being planned by new breweries, Praj has forged an alliance with Meura, Belgium for supply of Mash Filters in India and the Subcontinent. Meura is a pioneer in Mash Filters. The Meura range of filters can replace the traditional Lauter Tuns/brewhouse equipment which performs the task of extracting the wort fom the malt. The Meura range can be most appropriately applied to breweries planning capacities higher than 0.5 million HLPA.

The Mash Filter delivers 100% extraction efficiency and is also more tolerant to varying raw materials. It consumes lower energy and generates lesser wastewater when compared to the traditional brewhouse equipment.

These Filters are ideal for revamping existing brewhouses, due to the lower space requirement.

"We are happy to partner Praj for Mash Filters in the Indian subcontinent as they are leaders in the Indian brewery market and have a good organization to support the demands of the customers", said Michel Genart, Managing Director, Meura.

For breweries with lower capacities, Praj will continue to supply the high performance Lautertun/brewhouse which has been recently upgraded for delivering 10 brews per day. Praj has successfully conducted the trial for 10 brews per day at a brewery in Tamil Nadu. This technology upgradation has been developed in-house.

The 90 million cases per annum brewing industry in India is going through sea change leading to consolidation and entry of new players in the industry. Poised to grow at 10-15% p.a., this industry has already seen capacity enhancement and will continue to see further growth in capacity to meet the increased demand.

"Praj, leaders in brewery engineering, have been expanding and working towards raising the technology bar. Praj partners leading beer producers for their requirement of state-of-the-art engineering and brewery equipment. Beer producers, who were so far planning a capacity under half million HLPA are now planning higher capacities right at the beginning. This throws up a need to radically re-think the engineering and equipment needs for the industry", said Pramod Chaudhari, Chairman, Praj.

Praj has recently invested in a fourth workshop for fabrication of equipment and enhanced productivity at the current workshops with addition of automatic machines including the welding machines and the polishing machines which are the key processes for manufacture of beer equipment. Praj already has a dedicated workshop for brewery equipment in Pune.

Praj has recently completed two breweries, one in Orissa and another in Bhutan. Praj is executing projects for UB- S&N's greenfield plant in Rajasthan, SAB's Rochee's Brewery in Rajasthan and many expansion projects in India. Praj is executing Greenfield Brewery project in Hyderabad for Crown Beers International who have tied up with Anheuser Busch . Praj has been making significant headways in the brewery field too.

Contact Information :
Praj Industries Limited
Vinati Moghe
Tel- (020) 22952214 / 22951718 Fax-22951718 / 22951515;
Mobile: 9822430906
E-Mail: vinatimoghe@praj.net
Website: www.praj.net

14th October, 2006, Pune

Praj posts impressive Q2 results Half Year Profits up 150%

The Board of Directors of Praj, the global Ethanol & Brewery Technology major, took on record the unaudited financial results for the Q2 of FY 2006-07.

Corresponding Quarter Review (Q2 2006-07/Q2 2005-06):

Corresponding Half Yearly Review (HY 2006-07/HY 2005-06):

“We are seeing a major acceleration in the performance, as envisaged. The half-year turnover is almost equivalent to last whole year’s level. Going by the orders on hand and in the pipeline, we shall aim to exceed annual targeted sales of USD one hundred million (Rs. 450 crores),” said Pramod Chaudhari, Chairman, Praj. Pending orders, as at end-September’06 are in the region of Rs. 600 crores.

Keeping in mind current and expected performance levels, the Board of Directors have also announced an interim dividend of 45% (Rs. 0.90 per share).

The consolidation efforts undertaken by the Company in the previous years are bearing fruit in this year. The addition of two manufacturing shops equipped with automated machinery, and increased manpower base has enabled Praj to upscale its production levels. The results are already visible in this half year, wherein the Company has doubled its turnover on the back of a strong base. Praj continues to add to its resources.

Pramod Chaudhari announced finalization of plans to set up yet another manufacturing shop in Kandla SEZ which will further augment the capacity, especially for export orders. This shop is expected to roll out equipment by the end of this fiscal.

Out of total grant of over 17 lakh shares under ESOP, first tranche of one third number of options have been opened for exercise.

Market Scenario

International:

Globally, Praj has been making rapid headways in the international markets with significant order intake from USA.

USA, which announced the ethanol blending policy, is committed to increasing capacity, despite the volatility in crude oil prices. So far, Praj has been contracted for more than ten orders from USA itself, since its entry six months ago. With a capacity of 4.4. bln gallons, USA is still a long way from the mandated 7 bln gallons. Experts opinion suggests that demand will push the capacities further to around 10 bln gallons.

The activity in Europe has also been very heartening. With progress of British Sugar order well under way and two more orders from Eastern Europe, Praj is talking to a number of producers across Europe for their requirement of fuel ethanol technology.

India:

Inspite of a delay in the fuel ethanol policy in India, Praj has seen a resurgence in demand for alcohol plants. Praj has already contracted several orders for installation of alcohol Plants.

Brewery Plants:

In Brewery Plants segment too, Praj has been making rapid headways. Praj has contracted orders from leading breweries in India including UB and SAB Miller. With a dedicated workshop for brewery equipment, execution of these projects are well under way.

Vinati Moghe, vinatimoghe@praj.net , mobile: 9822430906

19th September, 2006, Pune

PRAJ acquires US Engineering Firm for Rs.225 million

Praj Industries Limited (PRAJ) has acquired 100% common stock of C. J. Schneider Engineering Co. Inc (CJS), a reputed Omaha-based corporation, having expertise and experience in providing detailed engineering services to the biofuel industry including ethanol plants. CJS already has contracts on hand from leading ethanol producers for supply of various services. This wholly-owned US subsidiary of PRAJ complements PRAJ's own business in United States. This acquisition will benefit the customers in US to get a wider range of services. Praj expects enhanced business potential as a result. C.J. Schneider employs highly experienced engineering professionals with a collective experience of over 350 man years.

Within six month of its entry into US market, Praj has been contracted to supply technology and machinery for seven ethanol plants.

The Rs. 225 million for financing this acquisition did not involve raising any additional/outside financing.

About Praj:

Praj is a global Indian company that offers innovative solutions to significantly add value in alcohol and brewery technology and related wastewater treatment systems for customers in India and around the world. Praj is a Knowledge based company with expertise and experience in Bioprocesses and engineering. It delivers Know how, License, engineering design, plant & equipment, project management, commissioning and customer care and turnkey projects. Led by an accomplished and caring leadership, Praj is a socially responsible corporate citizen.

Contact information:

Genesis Urvashi Kadam/ Madhavi Behl /Anu Soman Tel- (020) 24335460/90 Ext. 234 Mobile: 9822390387/982309881/9850837393 E-Mail:urvashi.kadam@bm.com           madhavi.behl@bm.com

Praj Industries Limited Vinati Moghe Tel- (020) 22952214 / 22951718 Fax-22951718 / 22951515; Mobile: 9822430906 E-Mail: vinatimoghe@praj.net Website: www.praj.net

30th August, 2006, Pune

BOARD APPROVES INVESTMENT OF Rs. 100 crores; Praj contracts further orders for ethanol plants in USA & Europe

In line with the quantum growth in business volume, Praj has undertaken significant resource expansion. At a meeting on 30th August, 2006, the Board of Directors of Praj Industries approved investment upto Rs. 100 crores for expansion including acquisition of an engineering Company in USA to enhance business potential in USA. Apart from that, Praj has also earmarked investments into a new R & D Centre, two manufacturing workshops nearer to the port and engineering center expansion at its base in Pune. The investment programme does not envisage raising any finance and shall be met out of the Company's own funds.

Manpower in India is also being enhanced with planned addition of over 100 engineers to its existing head count.

On the business front also, Praj has been actively securing contracts in USA and Europe.

In continuation to the two US contracts for ethanol projects signed in June, Praj has been selected for supply of technology and engineering (design work) by three more Companies in the US. The value of the orders is in the region of Rs. 50 crores (US$ 11 million) for design work which forms the first phase of the projects.

The plants, with an annual capacity of 35 to 100 million gallons, are being installed in States of Iowa, Minnesota and Missouri. The earlier projects are being set up in California. With this, Praj will have a sound base in USA within a span of just 12-18 months.

In these contracts, Praj scored in terms of global experience, qualified manpower and innovative, cost-effective technology.

Praj has also been making in-roads into the European markets. The breakthrough in UK with the pathbreaking order from British Sugar was followed by orders from Bulgaria and Romania. Praj will be supplying technology and equipment for wheat/corn based plants. The equipment will be designed and manufactured as per CE marking required for exports to EU. Both orders were obtained amidst stiff competition from European and US Ethanol Plant suppliers. The order value is in the region of Rs. 11 crores.

"Praj has reiterated its position as a global provider of ethanol technology. Within just six months of entering the US market, Praj has contracted several orders from leading ethanol producers/customers. In Europe too, ethanol producers have started taking note of Praj's capabilities", said Pramod Chaudhari, Chairman, Praj.

Contact information:

21st July, 2006, Pune

Praj announces unaudited results for Q1 (2006-07): Net Profit up by 50%

The Board of Directors of Praj, the global ethanol technology leader, took on record the unaudited financial results for the Q1 2006-07. Praj recorded sales of Rs. 81 crores (Rs. 61 crores) with a PBT of Rs. 11 crores (Rs.6.76 crores). PAT stood at Rs. 8.4 crores (Rs. 5.6 crores). This translates into a 33% increase in turnover over same quarter in the previous fiscal with a 62% increase in PBT and 50% increase in PAT.

“The acceleration in upward trend in performance has already set in with increase in volume and margins. We see this trend further stepped up in the coming period”, said Pramod Chaudhari, Chairman. “This is the result of the preparadeness exercise taken up by us in the last year”, added Pramod Chaudhari.

The current financial year has seen Praj contract breakthrough business in USA, with orders worth over Rs. 90 crores. Besides, Praj has also contracted many orders for ethanol and brewery plants in the domestic market.

For more information:
Vinati Moghe, vinatimoghe@praj.net, mobile: 9822430906

PRAJ TECHNOLOGY FOR US PLANTS: SIGNS TWO SUCCESSIVE ORDERS WORTH US$ 20 million.

Pune, 27 June, 2006

Praj has been contracted for supply of technology and machinery for two plants being set up for Cilion Group in California, USA. Cilion, who are planning to set up total of eight ethanol plants also selected Praj Technology for additional two plants for which machinery orders are yet to be released.

The first lot of two plants with a capacity of over 600,000 litres per day each(55 million gallons per annum-mgpy), based on corn are scheduled to go on stream by mid-2007. Total capacity planned by Cilion is 440 mgpy in 2008.

Praj’s technology was selected based on its vast and varied experience in ethanol industry and on the strength of its highly qualified personnel. The project will utilize technology which is contemporary and cost-effective.

"The bottom line is that Cilion will be able to produce environmentally friendlier ethanol in California at a lower cost than ethanol produced in the traditional Midwest corn ethanol plants and delivered to California," said Western Milling President Kevin Kruse. "When fully operational, ethanol produced by Cilion is expected to be price competitive”, he added. Western Milling, a leading California based grain milling Company, is one of the promoters of Cilion.

The US ethanol industry is experiencing the most dramatic boom in the entire history of ethanol production. With the US President mandating Renewable Fuels Bill, USA will see ethanol production capacities climbing up to meet the requirement of 7 bln gallons (1 gallon = 3.785 litres) by 2009 from its present level of 4 bln gallons. The interest and the feverish urgency could be clearly seen at the recently held Fuel Ethanol Workshop and Show in Milwaukee, USA where over 3000 delegates from the industry, representing project developers, financiers, investors, buyers and technology suppliers from North America participated (USA, Cananda and Mexico). The show was organized by BBI. Praj participated as an exhibitor and made a presentation at a technology session.

“With these contracts, Praj is firmly recognized as a major supplier of technology in USA”, said Pramod Chaudhari, Chairman, Praj. At the Fuel Ethanol workshop in USA, Praj was acknowledged as a highly competent and competitive supplier for fuel ethanol plants for the US ethanol industry. This was seen from the interest generated at the Praj stall, where many prospective clients wanted to understand the technology and machinery offered by Praj. “The show was a great success in terms of generating interest in Praj and has given us tremendous visibility and recognition which will go a long way in defining Praj’s position in the US ethanol industry”, he added.

Resource Mobilization
In line with the quantum growth in business volume, resource expansion is well underway. Praj has shortlisted few Companies in USA/ Europe for acquisition to augment its engineering resources. Manufacturing capacity in India is being further expanded with two workshops being ear marked nearer the port. Manpower in India is also being enhanced with planned addition of 30% to its existing head count. A new R & D center is also in the offing.

Contact information:
Praj Industries Limited
Vinati Moghe
Tel- (020) 22952214 / 22951718 Fax-22951718 / 22951515; Mobile: 9822430906
E-Mail: vinatimoghe@praj.net
Website: www.praj.net

3rd June, 2006

a. Praj announces audited results for 2005-06
b. Praj completes allotment of shares to Vinod Khosla and
Marubeni Corporation
c. Praj to utilize funds for acquisition and R & D

The Board of Directors of Praj, the global ethanol technology Company, took on record the audited financial results for the FY 2005-06. Praj recorded sales of Rs. 267 crores (Rs. 235 crores) with a PBT of Rs. 32 crores (Rs.28 crores). The Company has improved performance in terms of EBIDTA margins which are at 13% as compared to 12% in the previous fiscal.

“We plan to improve the EBIDTA margins further. This will happen with more business from international markets wherein Praj will leverage its technology and engineering expertise With all the five plants having been handed over in Colombia, South America, recognition for Praj’s technology and execution has been clearly established. Our entry into UK with the first fuel ethanol plant being set up for British Sugar is another milestone”, said Pramod Chaudhari, Chairman, Praj. The next stop for Praj will be USA where Praj is actively pursuing leads and is confident of concluding some contracts in the coming three to six months.

Apart from series of new orders in domestic market, company has also started getting repeat orders from International customers in Latin America and South East Asia. As on date, Praj has orders on hand worth over Rs.450 crores.

Recently, Praj completed allotment of shares to Mr. Vinod Khosla (1,622,250 equity shares and 6,489,000 warrants), the well-known venture capitalist from USA who is actively promoting bio-ethanol and Marubeni Corporation, Japan (811,125 equity shares), who are also participants in the ethanol projects in various countries.

The Board has approved investment of funds received through preferential allotment to expand R & D center and other resources. The new R & D center will further take on biotechnology oriented projects in areas beyond Alcohol/Ethanol Technology. Proposal to acquire facilities in USA/Europe, to enhance the global delivery model., has also received a nod from the Board. This facility will augment Praj’s existing resources and enable the Company to move into newer markets without losing focus on existing markets and current commitments.

”The objective is to grow newer geographies while capitalizing on the good will in the existing market. Hence, we have devised a strategy wherein our existing clients will not be disturbed by our global ambitions,” said Pramod Chaudhari.

For more information:
Vinati Moghe, vinatimoghe@praj.net, mobile: 9822430906

Encl: Statement of Vinod Khosla on his interests in Biofuels, Praj and Investment Strategy.

Pune, 15th May 2006.

PRAJ RECEIVES ORDERS FOR FUEL ETHANOL PROJECTS in India WORTH Rs. 75 crores.

Against the backdrop of announcement by the Government of India expressing plans to implement 10% ethanol blending across India, with initial mandate for 5%, many distilleries are speeding up their plans to set up fuel ethanol plants.

Praj Industries, the global ethanol technology provider has recently received orders from sugar mills and distilleries in north and western India for installation of distillery plants. This includes orders from Upper Ganges Sugar Mills and Mankapur Chini Mills (Balrampur Group) for a 100 kilo litres per day distillery, each. Triveni Engineering has selected Praj for their proposed 160 kilo litres per day distillery to be set up in UP. In Maharashtra, the Company has entered into an agreement with Indapur SSK for a 33 kilo liters per day distillery. All projects will be set up within a span of 9-12 months.

The total order value of above four plants is in the region of Rs. 75 crores.

Praj Industries and Aker Kvaerner forge a bio-ethanol alliance in Europe

Pune, 27th February 2006.

Praj Industries Limited (Praj), global leader in bio-ethanol technology has signed a Memorandum of Understanding (MOU) with Aker Kvaerner Netherlands B.V. for strategic cooperation on bio-ethanol* projects in Europe. Under the terms of the MOU, Aker Kvaerner and Praj will unite their respective expertise to jointly pursue business opportunities - Praj will supply the process licence, process engineering, and critical & proprietary equipment for the process plant, while Aker Kvaerner will provide basic engineering, procurement and construction expertise. The European Union (EU) Bio-Fuels Directive has set a target of 5.75% (by energy content) inclusion of bio-fuels in the transportation fuel mix by 2010. Many EU countries are fast developing a fuel ethanol programme. France, Germany, Belgium, the Netherlands and others have announced either a policy or a grant for promotion of fuel ethanol. "As the demand for fuel ethanol grows, technology for production of bio-ethanol becomes more critical. We are therefore delighted to be cooperating with Praj in Europe. We see this as a synergistic alliance which will offer value to European customers in this important and expanding market segment," said Ronald van der Vlist, Director, Business Development & Technology, with Aker Kvaerner's European Process business. PRAJ, based in Pune, specializes in technology, design, engineering, manufacture and supply of equipment for distillery plants, ethanol plants, brewery plants & related effluent treatment plants and is the owner of information related to various processes for the same. "Praj has found acceptance for its technology in global markets. This alliance will further position Praj very favorably in Europe, as Aker Kvaerner is well respected for its engineering, procurement and construction capability worldwide," said Pramod Chaudhari, Chairman, Praj Industries Limited.

Praj also has plans to set up an operating base in the EU shortly to augment its marketing efforts. *As bio-ethanol is a renewable fuel derived from plants (such as cereals, sugar beet etc.) or biomass (such as wood waste), the primary environmental benefit is the reduction of CO² emissions. The use of bio-ethanol can lead to up to a 70 per cent reduction in overall CO² emissions compared to a traditional petrol only engine. Bio-ethanol used as part of the fuel, by blending with petrol, for a motor vehicle is called fuel-ethanol. Bio-ethanol can be blended in various proportions in petrol.

For further information, please contact: AKN Media: Netherlands: Ronald van der Vlist, Aker Kvaerner, Zoetermeer, Tel: +31 (0)79 368 8402 UK: Vanessa Mourant, Communications Manager - E&C Europe, Aker Kvaerner, Tel: +44 (0) 207 339 1064 Mob: +44 (0)7771 806566

India: Dheerendra Joshi, Aker Kvaerner Powergas India., Tel: +91 22 5691 5547

NOTES TO EDITORS

AKER KVÆRNER ASA, through its subsidiaries and affiliates ("Aker Kvaerner"), is a leading global provider of engineering and construction services, technology products and integrated solutions. The business within Aker Kvaerner comprises several industries, including Oil & Gas, Refining & Chemicals, Mining & Metals, Pharmaceuticals & Biotechnology, Power Generation and Pulp & Paper. The Aker Kvaerner group is organized into two principal business streams, namely Oil & Gas and E&C, each consisting of a number of separate legal entities. Aker Kvaerner is used as the common brand/trademark for most of these entities. The parent company in the group is Aker Kværner ASA. Aker Kvaerner has aggregated annual revenues of approximately NOK 41.5 billion and employs approximately 20 000 people in more than 30 countries. Aker Kvaerner is part of the Aker Group (www.akerasa.com), a leading multi-industry powerhouse with more than 40 000 employees and NOK 60 billion revenues. Aker owns 50.01 per cent of Aker Kvaerner, and the group is also a major European shipbuilder and a significant participant in the fisheries industry. AK Process is a trading name of Aker Kvaerner Netherlands B.V., the legal entity cooperating in the MOU, and a wholly owned subsidiary of AKER KVAERNER ASA. AK Process serves the chemicals and polymers, refining and onshore oil & gas industries. It provides the full life cycle of a project from concept studies, through to design, engineering, project management, delivery of process technologies, procurement, construction and maintenance services. As a pure project execution/EPC specialist, AK Process can provide customers with strategic 'one-off' services or full turnkey solutions under a single project management control. It works with its customers in the development of major technological innovations, having participated in the conceptualization and implementation of ideas, which are the foundation for world-class production facilities. Praj Industries Ltd is a global Indian company that offers innovative solutions to significantly add value in alcohol and brewery technology and related wastewater treatment systems for customers in India and around the world. Praj is a Knowledge-based company with expertise and experience in bioprocesses and engineering. It delivers know how, license, engineering design, plant & equipment, project management, commissioning and customer care and turnkey projects. Led by an accomplished and caring leadership, Praj is a socially responsible corporate citizen. This press release may include forward-looking information or statements and is subject to our disclaimer, see our web-pages www.akerkvaerner.com

PRESS RELEASES

Praj Q3 Results

Pune: 28th January, 2006

At the recently held Board Meeting, Praj Industries took on record the third quarter results. Praj recorded sales of Rs. 536.21 million and PBT of 50.56 million, and PAT of Rs. 37.02 million in the third quarter of FY 2005-06. For the nine months completed, sales are at Rs. 1719.55 million (Rs. 1634.97 million) and PBT of Rs. 185.39million (Rs210.74 million). "There is a lag of one to one and half month in performance cycle due to various reasons including the entry point and staggered schedules of the orders/projects. The anticipated business has come through resulting in a spurt of bookings in the last three to four months. We expect these orders to result into enhanced/improved performance in the coming quarters. Additionally, we are augmenting our resources to address this increase which has also meant higher personnel costs and higher deployment of capital, impacting the bottomline to the tune of almost Rs. 40 million. Our expansion of R & D and Manufacturning facility is on target." said Pramod Chaudhari, Chairman, Praj Industries. A new development experienced by Praj is that both export and domestic markets have kept pace. This month, Bajaj Hindustan, India's largest sugar Company, awarded contracts for supply of technology, plant & equipment for three distillery projects worth Rs. 100 crores. Other recent orders include two greenfield project from Thailand, second phase of order from UK and orders from Central America and Australia. Praj has made headways in the customized engineering & manufacturing business also by contracting an order for supply of equipment to Middle East for a value exceeding Rs. 75 million. Praj is aggressively following an export strategy for this business. "We are confident that in the last quarter of this FY itself we will see our performance averaging higher levels and the future quarters also look very promising as order book position is already robust. We are now fully geared up to address further growth in the coming period.", added Pramod Chaudhari.

About Praj: Praj is a global Indian company that offers innovative solutions to significantly add value in alcohol and brewery technology and related wastewater treatment systems for customers in India and around the world. Praj is a Knowledge based company with expertise and experience in Bioprocesses and engineering. It delivers Know how, License, engineering design, plant & equipment, project management, commissioning and customer care and turnkey projects. Led by an accomplished and caring leadership, Praj is a socially responsible corporate citizen.

16th January, 2006, New Delhi

Praj Industries awarded Distillery orders worth over Rs. 100 crores from Bajaj Hindustan

In a move of confidence, Bajaj Hindustan, India's largest sugar Company, awarded contracts for supply of technology, plant & equipment for three distillery projects to Pune based Praj Industries, global leaders in ethanol technology. Once commissioned, the production capacity will add half a million litres per day, making Bajaj one of the largest alcohol producers with a total capacity of a little under one million litres per day. These contracts will add up to eight contracts in a row in the past three years and demonstrates the high level of customer satisfaction in Praj's deliveries. The last project for Kinauni is completed in a record time and is currently under commissioning.

"Each time Praj has been able to offer innovative and viable technology solutions for our projects and we are very satisfied with their project management and customer oriented approach", said Mr. I.D. Mittal, Executive Director, Bajaj Hindustan.

Praj has clearly demonstrated its commitment to customers in India and overseas by investing in innovative solutions at its R & D Center. "With production of ethanol doubling world over, it is expected that opportunities will also expand", said Pramod Chaudhari, Chairman, Praj Industries. Praj is already entering the developed markets of EU and USA. A break through order has been received from a European beet sugar Company for engineering and supply of equipment for the very first fuel ethanol project to be set up in UK. Praj has been working with a number of feedstocks for ethanol production and has set up plants based on maize, sorghum, rice and even tapioca.

"As envisaged we see a surge of interest in ethanol as a fuel amongst countries as small as Malawi to as large as USA. It just shows that ethanol is here to grow and will become only more attractive as the usage increases", said Mr. Chaudhari.

"In India, there is an expansion in the market also due to beverage alcohol which is being produced from grains. As ethanol becomes a writing on the wall, we will see more and more interest in grains", added Pramod Chaudhari. These opportunities are expected to give Praj a major fillip in the coming year. Praj has already started gearing up in the past 6-8 months. "We are treating this year as a consolidation year in preparation of the volume growth in business in the coming period". Praj has already invested in expansion of its manufacturing capacity and R & D facility.

The technical manpower base has also gone up. With opportunities lined up, Praj is all set to take the call.

About Praj: Praj is a global Indian company that offers innovative solutions to significantly add value in alcohol and brewery technology and related wastewater treatment systems for customers in India and around the world. Praj is a Knowledge based company with expertise and experience in Bioprocesses and engineering. It delivers Know how, License, engineering design, plant & equipment, project management, commissioning and customer care and turnkey projects. Led by an accomplished and caring leadership, Praj is a socially responsible corporate citizen.

Pune: November 22, 2005

DSIR honors Praj Industries Limited with "National Award for outstanding In-House R&D Achievements"

Department of Science and Industrial Research (DSIR) has presented, the "National Award for outstanding In-House R&D Achievements" in the area of Technology export to Praj Industries Limited (Praj). Pramod Chaudhari, Chairman - Praj received this award for the company's contribution in the field of Multi feed ethanol production process and plant at an Award giving ceremony held on 21 November 05 at FICCI House in Delhi. The award was conferred by by; Dr. R.A Mashelkar Director General, of Council of Scientific & Industrial Research (CSIR) and Mr. Onkar Kanwar, President Federation of Indian Chambers of Commerce and Industry (FICCI). National Awards for initiatives taken in the field of science and Technology are presented by DSIR every year. This year had a special category for Technology export for which Praj was eligible.

On receiving the award Pramod Chaudhari said, "This recognition is an appreciation of Praj's capability. Innovation has been the cornerstone of Praj. We are also being recognized for our global success. Our R & D facility called Matrix - The Innovation Center was expanded in 2002 to focus on more productive processes for developing renewable energy such as fuel ethanol. We continue to work in this field to serve customers in India and all over the world. We have exported this Technology to Colombia for use in ethanol plants, two of which are successfully commissioned." " The distillery set up at Colombia is an illustration of a world class Technology offered by Praj. The Colombian distillery, with a capacity for processing 300 thousand litres ethanol per day ethanol is truly world class. " He added.

About DSIR

The Department of Scientific and Industrial Research (DSIR) is a part of the Ministry of Science and Technology. DSIR has a mandate to carry out the activities relating to indigenous Technology promotion, development, utilization and transfer. DSIR gives recognition for Private sector R&D centers. The primary endeavor of DSIR is to promote R&D by the industries, support a larger cross section of small and medium industrial units, develop state-of-the art globally competitive technologies of high commercial potential, catalyze faster commercialization of lab-scale R&D, enhance the share of Technology intensive exports in overall exports.

About Praj and Matrix

Praj was established in 1985. Focused upon Alcohol Technology and engineering of alcohol plants, Praj has since become a world leader in sugarcane based alcohol Technology with number of processes and systems for alcohol production to its credit. Today, Praj has over 300 references in 30 countries across 5 continents. Praj has since acquired an international repute and has its own offices in Columbia (South America), South Africa, United Arab Emirates and Thailand. The backbone of Praj's Technology development is Matrix. This center has been conceived and established with the objective of providing cutting edge Technology and engineering solutions to the distillery and brewery industry, backed up by research and pilot/commercial scale trials. The center is equipped with state-of-the art biotech, analytical, instrumentation, chemical and pilot facilities. Amongst these are the fermentation pilot plant and the fluidized bed evaporator pilot plant. Through its R&D center Praj Industries Limited developed the Technology for the production of Ethanol based on multi feed and the Technology is known as Multifeed Ethanol production process and plant known as Smart Distillery based on Hiferm GR Fermentation process.

Need for Smart Distillery

Smart Distillery is an outcome of intensive R&D efforts undertaken by Matrix to manage uninterrupted production of Ethanol from sugarcane as feedstock. The new design is based on variety of sugar streams from cane sugar mill. This helps the sugar factories to flexibly