Jain Irrigation Systems has received an approval for sale of its food business by way of slump sale to Jain Farm Fresh Foods, an effective wholly owned subsidiary (WOS) of the company to create strategic focus on fast growing food business and consequent value creation opportunities. The board of directors at their meeting held on August 24, 2015 has approved for the same.
The food business of the company comprises of food manufacturing units at Jalgaon (Maharashtra), Vadodara (Gujarat) and Chittoor (Andhra Pradesh) besides the indirect subsidiaries carrying on food business activities namely - SQF2009 UK and Cascade Specialities Inc, USA.
Jain Irrigation Systems is a manufacturer of a wide variety of PVC pipes, PE pipes, water and gas transportation pipes, ducts for optical fibre cables and drip irrigation pipes. It is also engaged in tissue culture of bananas and pomegranates and is the world’s largest processor of mangoes and is the world’s second largest processor of onions and vegetables.
