Praj acquires US Engineering Firm - C.J.Schneider Engg Co. Inc for Rs.225 mn

Praj Industries Ltd has announced that the Company 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 the Company complements the Company's own business in United States. This acquisition will benefit the customers in US to get a wider range of services. The Company 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, the Company 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.

Source : Equity Bulls

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