Mumbai: Agri services provider Jain Irrigation said on 3 March it has acquired controlling stake in Switzerland-based Thomas Machines SA for an undisclosed sum.
“Jain Irrigation has acquired 69.75% shareholding of Thomas Machines SA with full management and operational control,” the company said.
The acquisition would enable Jain Irrigation to further invest in the field of irrigation to build its capacities and increase speed to market new generation drip lines, the company informed the Bombay Stock Exchange.
The existing management would continue to operate the Swiss company on a day-to-day basis. The outgoing shareholders would be retained as advisor, the company, which is also into fruit and vegetable processing besides others, said.
Further, Jain Irrigation has also entered into a shareholders agreement with holder of the 30.25% shares of Thomas Machines, with a call option which can be exercised over the next three years, the company said.
Commenting on the acquisition, Jain Irrigation joint managing director Ajit Jain said: “We have not only secured technology for growing division, but also stepped ahead of all our competitors in terms of quality of products.”
Thomas Machines is a manufacturer of specialist equipment, including automation equipment, laser machine centres and laser products.
Shares of Jain Irrigation were trading at Rs726, up 1.28% in the afternoon on BSE.