Jain Irrigation Systems gains with arm acquiring 100% stake in Belgium based company

27 Feb 2018

Jain Irrigation Systems is currently trading at Rs. 121.60, up by 1.65 points or 1.38% from its previous closing of Rs. 119.95 on the BSE.

The scrip opened at Rs. 121.45 and has touched a high and low of Rs. 122.00 and Rs. 121.20 respectively. So far 31,000 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 150.40 on 29-Jan-2018 and a 52 week low of Rs. 82.80 on 24-May-2017.

Last one week high and low of the scrip stood at Rs. 122.50 and Rs. 112.10 respectively. The current market cap of the company is Rs. 6,048.22 crore.

The promoters holding in the company stood at 28.46%, while Institutions and Non-Institutions held 43.26% and 28.16% respectively.

Jain Irrigation Systems’ subsidiary - Jain Farm Fresh Foods, India (JFFFL) through its multi generation Wholly Owned Subsidiary in Belgium has acquired 100% stake in INNOVAFOOD N.V. Belgium and its affiliate companies.

Founded in year 2000, Innovafood is a leading importer, stockist and distributor of food ingredients and has become one of the leading player in the dehydrated vegetables, spices and other food ingredients in Belgium, The Netherlands, France and other neighbouring countries.

This acquisition will help JFFL to get one step closer to the market, have direct presence in large food ingredients market, bring cost efficiencies by optimizing supply chain and provide market access and further value addition opportunities in food ingredients market directly.

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.



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