Jain Irrigation Systems has acquired and subsequently exercised 10% of the rights to the currently ongoing capital increase of Eurodrip S.A, Greece.According to a release issued by the company to BSE, the company's subsidairy, Jain (Europe), striked the deal and on completion of the capital increase, Jain Irrigation is likely to hold 7.5% in Eurodup S.A. on full subscription basis. The estimated cost of the acquisition is pegged at Euro 3.5 million.Jain Irrigation is looking forward to the mutual benefit from establishing a close strategic relationship between the two companies and in working together in a synergistic and complementary manner. The move is in line with the company's strategy to foster relationship with global players in micro irrigation systems, the release added.
