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Business Diary: Praj Industries acquires stake in Neela Systems

City-based Praj Industries has acquired a majority stake of 50.2 per cent in Neela Systems Limited for approximately Rs 64 crore.

Written by Express News Service | Pune | Published: January 16, 2012 3:24:36 am

City-based Praj Industries has acquired a majority stake of 50.2 per cent in Neela Systems Limited for approximately Rs 64 crore. Neela Systems is a Mumbai-based company having business interests in water treatment and modular process systems,focused on biotech,pharma,life sciences and cosmetics industries. With this development,Neela will become a subsidiary of Praj but will operate as an independent entity. Neela has a turnover of approximately Rs 90 crore and is considered to be the leader in high purity water segment. “Praj was scouting for acquisitions in the area of water & waste water treatment since it entered the space in early 2010. Neela is a good fit as it addresses areas wherein Praj wants to build a stronger presence,globally” said Pramod Chaudhari,chairman,Praj Industries.

STAR Union Dai-ichi announces new plan

STAR Union Dai-ichi Life (SUD Life) recently announced the launch of its endowment plan Dhan Suraksha platinum in the city. The company said the plan is targeted at high net worth individuals enabling them to capitalise and benefit on their tax savings. “The product is targeted at those consumers looking to ensure a significant life protection cover along with the alternate option of earning returns on their investment,” company said in a statement. G V Ramana,VP (distribution),Star Union Dai-ichi Life Insurance Co Ltd,said,“ Dhan Suraksha platinum is a unique plan that has a strong combination of guaranteed savings for your future and guaranteed protection for your loved ones.” Ramana said the plan allows a person to make a one-time investment for which a guaranteed amount is paid at the end of ten years.

Food scientists,techies meet on Jan 20-21

The All India Food Scientists & Technologists Association (India) – AFST(I) announced the 21st Indian Convention of Food Scientists and Technologists (ICSOFT),the body’s annual conference to be held in Pune. The announcement of ICSOFT,scheduled for January 20-21 at Yashada,was made by the National President of AFST(I) Dr. R R Mallya in the presence of Pradip Chordia,MD,Chordia Food Products,Anand Chordia,Director-Technical,Pravin Masawale and Dr. SM Naikare,President-Pune Chapter of AFST(I).

Brand and media workshop on Jan 20

Ad film directo Prahlad Kakar’s brand and media workshop will be held at at the Sun-n-Sand on January 20. The workshop will touch upon brand marketing and media-related facts,a press release said.

(Compiled by Ishfaq Naseem)

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