Mumbai: Irrigation and agriculture firm Jain Irrigation Systems Ltd said it has signed an agreement with Israel based Kibbutz Naan, to acquire the remaining 50% of the irrigation solutions company NaanDanJain Irrigation Ltd, which up till now was jointly owned by Jain and Kibbutz Naan.
In 2007, Jain Irrigation had taken a 50% stake in NaanDanJain, which provides irrigation solutions, which offers the broadest range of irrigation systems, devices and technologies. NaanDanJain has 9 subsidiaries around the world, and 6 production sites – two of which are located in Israel (Kibbutz Naan and Kibbutz Dan).
AnilB. Jain, chairman, NaanDanJain
The acquisition realizes the call option that Jain Irrigation has held since acquiring the first 50% in 2007. Since signing the first agreement in 2007, NaanDanJain has increased its sales turnover more than 25%. In the past 5 years, more than Rs 1250million have been invested in the company in innovative drip irrigation and sprinklers equipment both in Israel and in NaanDanJain subsidiaries worldwide.
“This is an immense opportunity to expand our activity in the world in areas that provide solutions to the growing global climate change, water, food and energy crises,” said Anil B. Jain, chairman of NaanDanJain.