Jain Irrigation, the world's second largest manufacturer of drip irrigation systems, has seen an investment of Rs 12 crore in its proposed non-banking finance company (NBFC) from World Bank Group member, The International Finance Corporation (IFC). The project is expected to benefit more than 6-lakh farmers in the next five years and IFC has picked up an undisclosed equity stake in the NBFC through investment.
To build the private sector in developing countries IFC provides investments and advisory services. IFC is helping Jain Irrigation Systems set up NBFC, Sustainable Agro-Commercial Finance, which will provide loans to the small-scale farmers to help them install micro-irrigation systems, conserve water and potentially increase agricultural productivity.
Recently, Jain Irrigation had signed a memorandum of understanding (MoU) with the Rwandan Government in Africa for developing irrigation solutions for local farmers and has already started work on one project.
Jain Irrigation is a diversified company with a market capitalization of Rs 7,500 crore approx. Jain’s product portfolio includes Irrigation Products, Piping Products, Plastic Sheets, Dehydrated Foods, Fruit Puree and Juice concentrates. It also has a growing presence in the renewable energy segment and is the largest player in applications of solar energy in agriculture and rural areas.