September 08, 2008

TATA Sons buys 7.3% of Praj Industries

Bloomberg reported that Pune based TATA Sons has bought 7.3% of Praj Industries for INR 340 crore (USD 86 million) to expand its business of making fuel from plants.

Ms Vinati Moghe a spokeswoman for Praj Industries said that Praj Industries’ founder and his family sold 13.42 million shares to TATA Sons. She added that “In the larger interest of the shareholder, the founders sold their own stake instead of selling new shares.”

Mr Pramod Chaudhari chairman and founder of Praj Industries owns 20% after the sale.