Praj Industries has acquired majority stake in Neela Systems (Neela) for about Rs 64 crore. This translates into a shareholding of 50.20% for Praj. With this, Neela becomes a subsidiary of Praj but, would continue to operate as an independent entity.
Neela, a Mumbai based company having business interest in Water treatment and modular process systems is focused on Biotech, Pharma and personal care industries. It is having a turnover of about Rs 90 crore including exports. It is a leader in high purity water segment.
Praj Industries is a Process Engineering and Technology Company offering innovative end-to-end solutions for biofuels, brewery, industrial processes and water and wastewater treatment systems.