/ Jain Irrigation To Acquire 80% Stake In Two US Entities ~ Ways2Capital|Stock Tips|Stock Market Tips|Intraday Stock Tips|Stock Trading Tips|NSE BSE Tips

Wednesday, 19 April 2017

Jain Irrigation Limited on Wednesday announced that the company via its wholly owned subsidiary in the United States of America has agreed to acquire 80% stakes in 2 US entities.

The two entities of the Unites States, which are the largest micro-irrigation dealers, Irrigation Design and Construction Inc. (IDC and Agri-Valley Irrigation Inc., have entered into an agreement to merge ownership of their business into a newly formed distribution company.

The merger of the companies will help Jain Irrigation to forward integrate itself in the value chain and build direct relationship with growers. The transaction is expected to be completed in the coming weeks and the consideration for transaction will be paid in cash which does not exceed USD 48.50 million.

The stock of Jain Irrigation on the NSE soon after the announcement jumped marginally nearly 9% hitting a high of Rs 108.90 per share. The stock has delivered almost 57% returns in a period of one year and has outperformed the BSE Mid cap and Nifty Commodities indices over the same time span.

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