Praj Industries acquires majority stake in Neela Systems

Praj Industries Ltd has acquired a 50.2 per cent stake in Mumbai-based Neela Systems Ltd for about Rs 64 crore. With business interests in water treatment and modular process systems, Neela Systems is focused on the biotech, pharma and personal care segments. Though it is now a Praj subsidiary, it will continue to operate as an independent entity. Founded in 1989, by Mr. Himanshu Shah, Neela Systems has a turnover of around Rs. 90 crore, including exports. A leader in the high purity water segment, it has a state-of-the-art manufacturing facility at Wada, Thane, to build USDA-, UKMCA- and WHO-compliant systems.