Jain Irrigation Systems has agreed to acquire 100% control in Aquarius Brands, California, USA from Habasit Holding USA for $21.5 million in all cash deal.According to an official release issued by the company to the BSE, with this acquisition, it will become second-largest drip irrigation company in the world. Aquarius, which is debt-free, is a leading designer and manufacturer of micro-irrigation systems for agriculture, landscape and nursery applications and has manufacturing facilities in Ontario and Fresno, California and Winter Haven, Florida.Anil Jain, MD of Jain Irrigation, said after closing the deal in USA: "With this acquisition we have firm foothold in one of the largest markets for the irrigation business and access to latest technology for Irrigation components". "Jain Irrigation will now focus on synergies of its operations in India and USA to offer the most diverse but integrated products and services in the irrigation business to customers all over the world", he said.This acquisition will be made through Jain Irrigation Inc, USA, a wholly-owned subsidiary of the company. Closing of the transaction will take place immediately.
