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Mumbai May 28 Jain Irrigation Systems has said that it has agreed to buy 50.001 per cent stake in an Israel-based company NaanDan Irrigation Systems for $21.5 million (Rs 87 crore).

Of this amount, $10.5 million will be invested in NaanDan for the company's growth, said a statement from Jain Irrigation.

The acquisition will be an all-cash deal and will be done through Jain Irrigation's wholly owned subsidiary in the Netherlands. The deal is expected to be closed next month.

Jain Irrigation is committed to bringing in additional funding support in the form of loan and/or guarantees to the tune of $7.5 million for the growth requirements of the company, said the statement.

The company, which will be renamed NaanDan Jain Irrigation CS Ltd, will be controlled and managed jointly by Jain Irrigation and Kibbutz Naan, a co-operative, on an equal basis.

The company will be the platform for development of the worldwide drip and sprinkler irrigation market for both partners, said the statement.

More Stories on : Mergers & Acquisitions | Overseas Investments

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