India's Praj Industries has acquired a majority stake in Neela Systems for a total consideration of Rs640m ($12.15m).
Under the terms of the 50.20% deal, Neela will become a subsidiary of Praj and will continue to operate as an independent entity. Neela is a Mumbai-based company with business interests in water treatment and modular process systems.
Praj Industries chairman Pramod Chaudhari said that Praj was looking into acquiring business in the water and wastewater treatment area since it entered the sector in early 2010.
"Neela is a good fit as it addresses areas wherein Praj wants to build a stronger presence, globally" said Chaudhari.
Praj hopes to gain a deeper and wider presence in the fast-growing, specialised pharma and life sciences segment.
Neela Systems has business interests in water treatment and modular process systems, focused on biotech, pharma, life sciences and cosmetics industries.
