Notifying the country’s stock exchange the company remarked that it is currently locked in discussions with strategic investors and partners in production.
"The engineering package is ready and Praj has signed a memorandum of understanding with a customer for the location. The company expects the project cost to be between $25 million and $30 million, and hopes to break ground in early 2013," said the company in a filing before the Bombay Stock Exchange.
Praj has earlier demonstrated the advancements in the development of commercial demo plant for lignocellulosic to ethanol in Munich, Germany.
Commenting on the demo project Praj executive chairman Pramod Chaudhari said that the successful demonstration of various parameters at the demo-commercial plant will put them forefront of the bio-based economy.
"While this plant size is appropriate for emerging markets, with our past experience of quick scale up, it will be well within Praj’s capability to scale the capacity even up to 10 times," added Chaudhari.
