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Jain Irrigation to merge international biz with Temasek-backed Rivulis

The cash proceeds will be used to pay off Rs 2,700 crore of overseas debt

Jain irrigation
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Jain Irrigation will also get to release the corporate guarantee given by Jain Irrigation, India of Rs 2,275 crore to bondholders & IIB lenders.

Abhijit Lele Mumbai
In a step designed to cut consolidated debt, Jain Irrigation Systems Ltd (JISL) will merge its International Irrigation Business (IIB) with Temasek-owned Rivulis Pte Ltd. The cash proceeds will be used to pay off Rs 2,700 crore of overseas debt.

IIB’s enterprise value is pegged at Rs 4,200 crore. After the transaction, Jain irrigation will hold 22 per cent stake (valued at Rs 1,300 crore) in Rivulis. About Rs 2,700 crore will be used to pay off overseas debt and Rs 200 crore will be used to settle receivables, Anil Jain, Managing Director of Jain Irrigation told the media.

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First Published: Jun 21 2022 | 11:03 PM IST

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