The Hindu Business Line : Jain Irrigation buys Swiss co

New Delhi, March 3 Jain Irrigation on Monday said it has acquired controlling stake in Switzerland-based Thomas Machines SA for an undisclosed amount.

The company has acquired 69.75 per cent stake in Thomas Machines SA with full management and operational control, the company said. The acquisition would make it possible for Jain Irrigation to continue its investment in the field of irrigation to build its capacities and increase speed to market new generation drip lines, the company informed the Bombay Stock Exchange.

It also said that the existing Swiss management would continue to operate the company and the outgoing shareholders would be retained as advisors. Jain Irrigation has also entered into a shareholders agreement with holder of the 30.25 per cent shares of Thomas Machines, with a call option that can be exercised over the next three years.

Going ahead

“We have not only secured technology for growing division, but also stepped ahead of all our competitors in terms of quality of products,” the Joint Managing Director of Jain Irrigation, Mr Ajit Jain, said.

Thomas Machines is a manufacturer of specialist machines and equipment, including latest generation high technology drip irrigation lines, and has been a supplier to JISL for over three years.

More Stories on : Overseas Investments | Agriculture | Engineering

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Suzlon invests Rs 100 cr to retrofit turbines

Eicher Motors slashes prices

ABL Biotech to raise $7 m through GDR

Astra Microwave gets ISRO order

Stress on strategies to curb attrition

Jain Irrigation on acquisition mode

Jain Irrigation buys Swiss co

Nod for OVL investments in Venezuela, Qatar

ArcelorMittal working with Govt in energy sector

Parsvnath to develop 40 more hotels at Rs 2,500 cr

Tata Steel outlines ‘vision’ 2012

REC gets new chief

PowerGrid chief resigns