Chloride Motive Power will buy 24.6 per cent stake in Tudor India from JM Shah of MJ Exports -- the original promoter of Tudor India Ltd -- for a consideration of Rs 14 per share for which foreign investment promotion board approval has been received, said Deepak Dheer, managing director Tudor India Ltd while addressing a press conference here on Saturday.

Chloride Motive Power, though, controls the operations of Tudor India Ltd, Tudor Spain is yet to transfer 51 per cent stake in Tudor India Ltd to it which will soon be carried out through internal transfers, Dheer said.

Foreign promoters' decision to hike stake has led to Tudor India stock appreciating to as high as Rs 36.5 per share from a 52-week low of Rs 14 per share. Foreign promoter will invest around $3 million forthe expansion projects.

The company, which has accumulated a huge loss of Rs 20 crore has started making profits from the first quarter of the financial year. Tudor India, which has a market share of 6 per cent is planning to increase it to 10 per ent by 1998-99.