Praj Industries has acquired 50.20 percent stake in water treatment systems maker – Neela Systems from Himanshu Shah and family for Rs. 64 crore ($12 million)..J. Sagar Associates advised Praj with a team led by M&A Partner Sandeep Mehta along with Senior Associate Rajesh Pal and Associates Malav Shah and Mitesh Shah..Desai & Diwanji advised Himashu Shah and family with a team led by Partner Aslesha Gowariker..According to ET, Praj is a Pune based nearly Rs.553 crore biofuels technology developer and manufacturer of equipment for breweries and distilleries. Praj has the option to hike its stake in Neela from the 50.20 percent it has acquired now..The acquisition will provide Praj a foothold in the emerging area of water treatment since Neela provides water treatment and modular process systems for the biotech, pharma, life sciences and cosmetics industries..The Rs. 90 crore Neela Systems was founded in 1989 by Himanshu Shah and has a manufacturing facility at Wada, Thane. The acquisition will allow Neela Systems to grow in the international market through Praj’s global reach. Praj has a presence in the African, South East Asian and South American markets.
Praj Industries has acquired 50.20 percent stake in water treatment systems maker – Neela Systems from Himanshu Shah and family for Rs. 64 crore ($12 million)..J. Sagar Associates advised Praj with a team led by M&A Partner Sandeep Mehta along with Senior Associate Rajesh Pal and Associates Malav Shah and Mitesh Shah..Desai & Diwanji advised Himashu Shah and family with a team led by Partner Aslesha Gowariker..According to ET, Praj is a Pune based nearly Rs.553 crore biofuels technology developer and manufacturer of equipment for breweries and distilleries. Praj has the option to hike its stake in Neela from the 50.20 percent it has acquired now..The acquisition will provide Praj a foothold in the emerging area of water treatment since Neela provides water treatment and modular process systems for the biotech, pharma, life sciences and cosmetics industries..The Rs. 90 crore Neela Systems was founded in 1989 by Himanshu Shah and has a manufacturing facility at Wada, Thane. The acquisition will allow Neela Systems to grow in the international market through Praj’s global reach. Praj has a presence in the African, South East Asian and South American markets.
