The objective of the MoU is to facilitate technological support to the entities for setting-up and commissioning of multiple number of eligible and qualified CBG plants and their continuous operation for production of CBG and organic compost manure under sustainable alternative towards affordable transportation (SATAT), the company said in a BSE filing made during market hours today.

SATAT initiative for boosting production and availability of CBG as an alternative and affordable clean fuel for transportation sector was launched by Government of India on 1 October 2018. The scheme envisages setting up of 5000 CBG plants by 2023-24 with a production target of 15 MMT, facilitating the creation of new employment opportunities and enhancing farmers' income towards further invigorating the rural economy.

Praj Industries is a global process solutions company that offers solutions to add significant value to bio-energy facilities, compressed biogas plants, critical process equipment & skids, brewery plants, industrial wastewater treatment systems and HiPurity water systems.

On a consolidated basis, the company's net profit tumbled 29.4% to Rs 11.39 crore on a 11.5% fall in net sales to Rs 260.24 crore in Q2 FY21 over Q2 FY20.

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Praj Industries has signed a non-binding Memorandum of Understanding(MoU) with Ministry of Petroleum & Natural Gas in presence of Hon'ble Minister Petroleum & Natural Gas & Steel, Government of India on 20th November 2020 with the objective to facilitate technological support to the entities for setting-up and commissioning of multiple number ofeligible and qualified CBG Plants and their continuous operation for production of CBG and Organic Compost Manure under Sustainable Alternative Towards Affordable Transportation (SATAT).

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Net profit of Praj Industries declined 29.39% to Rs 11.39 crore in the quarter ended September 2020 as against Rs 16.13 crore during the previous quarter ended September 2019. Sales declined 11.53% to Rs 260.24 crore in the quarter ended September 2020 as against Rs 294.14 crore during the previous quarter ended September 2019.

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Praj Industries will hold a meeting of the Board of Directors of the Company on 4 November 2020.

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