Jain Irrigation buys 69.75% stake in Thomas Machines

* Jain Irrigation Systems Ltd. (JISL), through its multi generation subsidiary, acquires controlling stake in Thomas Machines S.A. of Switzerland (THE)

* THE is a manufacturer of specialist machines and equipment, including drip irrigation lines, quality control and test equipment, automation equipment, laser machine centers and laser products,

* Acquisition to help JISL to further invest in the field of irrigation to build its capacities and increase speed to market for new generation drip lines including "precision irrigation" products

* THE holds valuable IPR's and cutting edge technology for its business in both irrigation and composite pipes business.

* JISL has additionally entered into Shareholders Agreement with holder of the 30.25% shares of THE, with call option which can be exercised over the next 3 years.

Mumbai, March 3, 2008: Jain Irrigation has acquired of 69.75% shareholding of Thomas Machines S.A. of Switzerland (THE) with full management and operational control.

THE is a manufacturer of specialist machines and equipment including latest generation high technology drip irrigation lines, quality control and test equipment, automation equipment, laser machine centers and laser products and has been a supplier to JISL for over three years. The equipment manufactured by THE have enabled Jain Irrigation to achieve significantly improved production speed and meet the growing demand for its high quality "precision irrigation" products.

THE was established in 1984 and is located in the French part of Switzerland, in Yvonand. It has recently successfully introduced technology to produce laser welded "composite pipes" with application in wide variety of industrial applications. It holds valuable IPR's and cutting edge technology for its business in both irrigation and composite pipes business. It has research and development capability to further build next generation equipment. The acquisition will help the Company and its subsidiaries all over the world to further invest in the field of irrigation to build its capacities and increase speed to market for new generation drip lines.

The existing management will continue to operate the Company on a day-to-day basis under the overall guidance of the Board. The outgoing shareholder shall be retained as Advisor. The Company has also call option on remaining 30.25% shares.

Mr. Ajit Jain, Joint Managing Director of Jain Irrigation Systems Limited said after closing the deal "We are excited about the potential of THE to contribute in the growth of our drip division. We have not only secured technology for its significant and growing division but now we are a step ahead of all our competition in terms of quality of products. This will further help to consolidate JISL's leadership position in the industry worldwide."

Mr. Eberhard Kertscher, CEO and continuing shareholder said "Our choice of partner is ideal because Jain is a leader in this industry worldwide and their knowledge based inputs as a user of the equipment, will help THE achieve an even higher quality standard for our products and we can tap the software skills of the Indian personnel in delivering tailor made solutions to our customers."

Mr. Thomas Bernauer, the Founder of the company said that "I have nurtured the Company over 25 years and I am happy to hand over it to Jain, who I am sure will develop the latent potential in the company further and secure from all the customers of THE a preferred supplier position for its product portfolio. I look forward to continue working with Jains."

About Jain Irrigation (www.jains.com)

Jain Irrigation is a diversified Company with more than 6,000 employees and a product portfolio encompassing Irrigation Products, Piping Products, Plastic Sheets, Dehydrated Foods, Fruit Puree and Juice concentrates. Jain Irrigation has pioneered drip irrigation for small farmers in India and has a major market share in one of the fastest growing irrigation markets in the world and is also the second largest drip irrigation Company in the world.