New Delhi, Mar 3 (UNI) Jain Irrigation Systems Ltd today said it has acquired 69.75 per cent stake in Thomas Machines SA of Switzerland with full management and operational control.
The existing management will continue to operate Thomas Machines on a day-to-day basis under the overall guidance of the Board. Jai Irrigation also has a call option on purchasing the remaining 30.25 per cent shares in Thomas Machines, the company statement said.
Thomas Machines is a manufacturer of specialist machines and equipment, including the latest generation high technology drip irrigation lines, quality control and test equipment, automation equipment laser machine centers and laser products and has been a supplier of the company for over three years.
''We are excited about the potential of Thomas Machines to contribute in the growth of our drip division. We have not only secured technology for its significant and growing division but now we are a step ahead of all our competition in terms of quality of products. This will further help to consolidate JISL's leadership position in the industry worldwide,'' said Joint Managing Director, Jain Irrigation, Ajit Jain.
The acquisition will help Jai Irrigation and its subsidiaries all over the world to further invest in the field of irrigation to build its capacities and increase speed to market for new generation drip lines.
UNI AK PDT PM1527