JISL invests $ 48m to buy 80% in US' AVI, IDC
Jain Irrigation Systems (JISL) Wednesday said it has agreed to acquire 80 per cent stake in two entities in the US with an investment of USD 48 million.
JISL will acquire the two micro-irrigation companies through its multi-generation wholly-owned subsidiary in US, it said in a BSE filing.
The two micro-irrigation dealers, Agri-Valley Irrigation Inc (AVI) and Irrigation Design and Construction Inc (IDC), have entered into an agreement with JISL to merge ownership of their businesses into a newly formed distribution company, JISL said.
This new organisation will provide a platform to help growers implement irrigation technology.
AVI and IDC have been long tenured stable companies with operations in the US.
"We have invested USD 48 million for this acquisition.
The transaction gives us the capability to provide grower focused, end-to-end project solutions, consistent with our global solutions and capabilities. With the newly formed company, we'll be able to deliver agriculture technology and irrigation solutions from our recent investments," Jain Irrigation Systems CEO Anil Jain told PTI here.
No government or regulatory approvals are required to complete the transaction, the BSE filing said.
The transaction is expected to be completed in the next few weeks. (PTI)