Jain Irrigation annnounces buyout of 100% stake in JV firm
Significant step in strengthening ties between India, Israel
World's second largest drip irrigation firm Jain Irrigation Systems (JISL) today announced acquisition of 100% stake in the joint venture firm NaanDanJain.
At present, Jain Irrigation has 50% stake in NaanDanJain and holds the option of buying out remaining stake in the joint venture company.
"Jain announced this morning that it has signed an agreement with Kibbutz Naan to acquire the remaining 50% of NaanDanJain," Jain Irrigation said in a statement.
The agreement ensures that the scope of the company's activity will remain in Israel until 2020 with the aim of expanding it in the future, it said.
"This is a significant step in the strengthening of ties between Israel and India. Jain's response to the challenges in the fields of agriculture and irrigation will be expressed upon the conclusion of the agreement," NaanDanJain Chairman and Jain Irrigation Managing Director Anil B Jain said.
The company could not be contaced for further details about the acquisition.
NaanDanJain, which offers broad range of irrigation systems, devices and technologies, has nine subsidiaries around the world and six production sites, of which two are located in Israel.
Shares of Jain Irrigation today ended firm at Rs 75.80 on the BSE.