Jain Irrigation buys Chapin for $6 mn

Jain Irrigation Systems today said it has acquired US-based Chapin Watermatics through its subsidiary, Jain (Americas) for $ 6 million.

The company has acquired 100% shareholding control of Chapin Watermatics at $6 million in cash and debt with deferred payment terms for part consideration, Jain Irrigation informed the Bombay Stock Exchange.

The acquisition would enhance the company's ability to participate in turnkey projects in developing world markets, it said.

The company's marketing subsidiaries in the US, Europe and Africa and their warehousing facilities would provide additional marketing and logistic support to Chapin Watermatics.