Jain Irrigation buys out 100 JV stake

8220;Jain announced this morning that it has signed an agreement with Kibbutz Naan to acquire the remaining 50 per cent of NaanDanJain,8221; Jain Irrigation said in a statement.

The agreement ensures that the scope of the company8217;s activity will remain in Israel until 2020 with the aim of expanding it in the future,it said.

8220;This is a significant step in the strengthening of ties between Israel and India. Jain8217;s response to the challenges in the fields of agriculture and irrigation will be expressed upon the conclusion of the agreement,8221; NaanDanJain Chairman and Jain Irrigation Managing Director Anil B Jain said.

The company could not be contaced for further details about the acquisition.

NaanDanJain,which offers broad range of irrigation systems,devices and technologies,has nine subsidiaries around the world and six production sites,of which two are located in Israel.

Shares of Jain Irrigation today ended firm at Rs 75.80 on the BSE.

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