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Tuesday, Dec 28, 2004

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Jain Irrigation gets AP Govt nod for price hike

Our Bureau

Hyderabad , Dec. 27

JAIN Irrigation Systems Ltd (JISL) informed the bourses on Monday that the Andhra Pradesh Government has agreed to 15-25 per cent increase in the price of various components to be supplied under the AP Micro Irrigation Project involving installation of drip irrigation systems in the fields of farmers.

The company stated that the price increase was necessitated due to higher prices of polymers required for the manufacture of the components.

This increase was in line with the expectation of the company.

"This augurs very well for the company and shall result in faster cash flow and early implementation of the project."

JISL also said that the AP Government had agreed to remove all the impediments blocking speedy execution of the project.

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