Jain Irrigation Systems’ arm raises Rs 402 crore from Mandala Capital

Jain Irrigation Systems’ (JISL) subsidiary -- Jain Farm Fresh Foods (JFFFL) has raised Rs 402 crore from Mandala Capital for growth of the company. The funds will be used mainly to reduce debt and growth of food business. This investment was part of a larger programme of fund raising by JISL under which JISL has successfully raised total equity of $ 120 million from its promoters and Mandala.

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.