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Jain Irrigation Systems has spun off its food business and sold it on ‘slump sale’ basis to its wholly-owned subsidiary Jain Farm Fresh Foods. The move will enable the company focus more on the fast-growing foods business.
Focus shift “The board of directors of the company approved the sale of food business by way of ‘slump sale’ to Jain Farm Fresh Foods, a wholly-owned subsidiary to create strategic focus on food business and explore value creation opportunities,” said the company in a statement on Tuesday.
The Board has also formed a sub-committee of three directors to take all decisions on the slump sale, it added. The food business consists of food manufacturing units at Jalgaon (Maharashtra), Vadodara (Gujarat) and Chittoor (Andhra Pradesh) besides the indirect subsidiaries involved in food business activities.
Strengthen presence Anil Jain, Managing Director, Jain Irrigation, had said the company intends to strengthen its presence through end-to-end solutions by involving itself in creating water resource, maximising its usage and establishing market linkage for final produce. The company said it is looking at double-digit growth in revenue this fiscal.
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