To acquire 80% stake in vertically integrated merger of AVI and IDC
Jain Irrigation Systems through its multi generation wholly owned subsidiary in US agreed to acquire 80% stake in 2 US entities. Two of the US's largest micro irrigation dealers - Agri Valley Irrigation Inc. and Irrigation Design and Construction Inc. have entered into agreement to merge ownership of their businesses into a newly formed distribution company. The new organisation is an unparalleled leader in design, construction, service and innovation Ag Technology. This entity will provide a unique platform to help growers implement state of the art irrigation technology and achieve 'More Crop Per Drop'.The transaction is expected to be completed in the next few weeks. The consideration for transaction will be paid in cash not exceeding USD 48.50 million and subject to net working capital adjustments at the time of closing. Transaction is expected to be closed in the next few weeks.
This is a strategic investment by Jain Irrigations Systems into one of the largest irrigations markets in the world. The company already has presence in US micro irrigation market through its subsidiary, Jain Irrigation Inc. which is headquartered in California.
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