Jain Irrigation Systems is planning to merge its global irrigation business with Temasek-owned Rivulis in a cash-and-stock deal, a move that will help the company reduce its consolidated debt by Rs 2,700 crore or around 45 per cent.
Jain Irrigation's global irrigation business has been valued at Rs 4,200 crore, of which Rs 2,700 crore will be used to repay its all overseas debt and Rs 200 crore will come to the parent company. In the merged entity, it will have 22 per cent equity stake while Rivulis will hold 78 per cent. The deal is likely to be concluded in the next six months and the combined entity will have a revenue of $750 million.
Jain Irrigation Systems (JISL) is an Indian multinational company with manufacturing plants across the globe. JISL, its subsidiaries and associates are engaged in manufacturing of Micro Irrigation Systems, PVC Pipes, HDPE Pipes, Plastic Sheets, Agro Processed Products, Renewable Energy Solutions, Tissue Culture Plants, Financial Services and other agricultural inputs.
Company Name | CMP |
---|---|
Supreme Industries | 4870.00 |
Astral | 2069.30 |
Finolex Inds | 271.90 |
EPL | 180.60 |
Jain Irrigation Sys | 63.22 |
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