India Inc India Inc: Thursday, 20 April 2017 07:31

Jain irrigation buys US firms

Jain Irrigation has acquired two irrigation and distribution companies – Agri-Valley Irrigation Inc (AVI) and Irrigation Design and Construction Inc (IDC) – in the US for $48.5 million.

The company through its wholly-owned US subsidiary Jain Irrigation Inc will acquire 80 per cent stake after both the US irrigation distribution companies merge.

With combined revenue of $113 million last year, AVI and IDC will enable Jain Irrigation to distribute its leading Agriculture Technology portfolio such as Observant, Puresense, Gavish, amongst others, at 13 locations in California besides taking over 225 employees on its payrolls. Jain Irrigation has retained the existing management of AVI and IDC to drive future growth.

Consideration for the transaction will be paid in cash not exceeding $48.5 million and subject to net working capital adjustments at the time of closing, a company statement said.

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