Mumbai, Mar 3 (UNI) Jain Irrigation Systems Limited (JISL) today announced the acquisition of 69.75 per cent stake in Thomas Machines SA, (THE), Switzerland, through its multi generation subsidiary.
THE is a manufacturer of specialist machines and equipments, including drip irrigation lines, quality control and test equipments, automation equipments, laser machine centers and laser products, JISL said in a release issued here today.
The acquisition would help JISL to further invest in the field of irrigation, to build its capacities and also increase its speed in marketing the new generation drip lines, including 'precision irrigation' products, the Company said.
THE holds valuable IPR's and cutting edge technology for its business in both irrigation and composite pipes.
JISL had additionally entered into a Shareholders Agreement, involving 30.25 per cent shares of THE, with call option which could be exercised over the next three years, the release said.
THE was established in 1984 and is located in the French part of Switzerland, in Yvonand. It has recently successfully introduced technology to produce laser welded ''composite pipes'' with application in a wide variety of industrial applications. It holds valuable IPR's and cutting edge technology for its business in both irrigation and composite pipes business. It has research and development capability to further build next generation equipments.
The existing management would continue to operate the Company on a day-to-day basis under the overall guidance of the Board.
The outgoing shareholder shall be retained as the Advisor.
JISL Joint Managing Director, Ajit Jain, after closing the deal, said, ''We are excited about the potential of THE to contribute in the growth of our drip division. It will further help to consolidate JISL's leadership position in the industry worldwide.'' Jain Irrigation is a diversified Company with more than 6,000 employees and a product portfolio encompassing irrigation products, piping products, plastic sheets, dehydrated foods, fruit puree and juice concentrates. Jain Irrigation has pioneered drip irrigation for small farmers in India and has a major market share in one of the fastest growing irrigation markets in the world and is also the second largest drip irrigation Company in the world.
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