Jain Irrigation buys 50 pc stake in Israeli firm

New Delhi, May 28 (UNI) Indian agriculture major Jain Irrigation Systems Ltd today bought 50 per cent stake in Israel's Naandan Irrigation for 21.5 million dollars.

''This is a historic deal. We will be able to leverage their technology to improve productivity of Indian agriculture and use their access to global markets to increase exports from both the countries,'' Jain Irrigation Systems Ltd chairman B H Jain said.

The company will bring additional funding to the tune of Rs 7.5 million dollars for the growth requirements of the company. The closing is expected to take place early next month.

Once the proposed transaction is completed, NaanDan's will become 'NaanDan Jain Irrigation C S Ltd'. The company will be the platform for development of worldwide drip /sprinkler market for both companys. Both have agreed to provide long-term guarantees for maintaining the manufacturing facilities and employment in Israel.

UNI