Government is keen to reduce oil imports: Praj Ind

Praj Industries has been buzzing off late with a 40 percent gain so far this week. In an interview to CNBC-TV18, Pramod Chaudhari, Executive Chairman of the company spoke about the latest happenings in his company and sector.

Oil marketing companies (OMCs) have put out tenders for 3.3 billion litre of ethanol procurement, which is a very good sign, he said.

According to him, ethanol blending programme in India is on the maturity curve and we expect it to continue and that should result in some kind of investments in the domestic market.

Speaking about use of ethanol in automobiles, he said, “We feel that government is very keen to reduce the oil imports.”

In international market, the blending programmes are going good, he added.

He hopes orderbook to expand going ahead, he further mentioned.

“I don’t see any reason to expand capacity for another two years,” said Chaudhari.

For full interview, watch accompanying video...