Jain Irrigation buys two US-based irrigation firms for $48.5 million

The Jalgoan (Maharashtra) based Jain Irrigation Systems Ltd (JISL) has acquired 80 percent stakes in two US-based micro-irrigation dealers - Agri-Valley Irrigation Inc (AVI) and Irrigation Design and Construction Inc (IDC) - for $ 48.5 million.

AVI and IDC have entered into an agreement to merge ownership of their businesses to form a larger distribution company. The new entity - which will be one of the leading players in design, construction, service and innovative agriculture technology – will provide a unique platform to help growers implement irrigation technology. AVI and IDC combined revenue for 12 months ended December 2016 is $