Micro-irrigation firm Jain Irrigation Systems today said its board has approved sale of its food business on 'slump sale' basis to its wholly owned subsidiary Jain Farm Fresh Foods Ltd.
"The Board of Directors of the company have approved the sale of its food business by way of 'slump sale' to Jain Farm Fresh Foods Ltd, an effective Wholly Owned Subsidiary (WoS) of the company to create strategic focus on fast growing food business and consequent value creation opportunities," Jain Irrigation Systems.
"The Board has also formed a Sub-Committee comprising of three directors to take all decisions regarding the transaction referred above."
The food business of the company comprises of food manufacturing units at Jalgaon (Maharashtra), Vadodara (Gujarat) and Chittoor (Andhra Pradesh) besides the indirect subsidiaries carrying on food business activities.
Earlier this week, the company said it is eyeing double digit growth in revenue in this fiscal and is looking at strengthening its presence through end-to-end solutions.
"We want to strengthen our presence through end-to-end solutions, from creating of resource (water), usage of water appropriately and market linkage," Jain Irrigation Managing Director Anil Jain told PTI.
