Jain Irrigation Systems will buy 100% stake in California-based Aquarius Brands from Habasit Holdings for $21.5 mn (Rs. 94.7 crores) in an all-cash deal. With the acquisition, Jain irrigations will become the second largest drip irrigation firm in the world. The acquisition will be made through Jain Irrigation, Inc., the wholly-owned US subsidiary of the company. Earlier, Jain Irrigation had acquired Chapin Watermatics, a leading manufacturer of drip taps in Watertown, New York in May 2006.
Read the article in Business Standard.
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