The RCM industry worldwide is estimated to have reached $65 billion, and over a decade it is likely to cross around $200 billion at a CAGR of 11-12 per cent. The Asian market is presently pegged at around $25 billion.
Praj said it has already entered into an overarching MoU with National Chemical Laboratory (NCL) for jointly working on the project opportunities in RCM space.
Executive Chairman Pramod Chaudhari said his company looks to expand its business horizons by developing technologies to produce bio-based RCM, which are sustainable alternatives to products made from fossil resources.
Praj’s Bio-PrismTM portfolio comprises a variety of bio-industrial products, including bio plastics as a priority, along with cellulose-lignin refinery products and specialty products.
These products have applications in industry sectors such as automotive, packaging, furnishing, construction, agriculture and food.
"Over a short to medium term, Praj plans to commit substantial resources for technology and application development with its strategic partners," the company said.
The shares of the company closed 3.59 per cent higher at Rs 69.25 on BSE.
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