Jain Irrigation Systems acquisition to boost deliverables

Jain Irrigation Systems has acquired Observant Technology which would strengthen its global commitment to precision irrigation. Post-acquisition, the company’s would maintain its leadership position by extending field monitoring and control capabilities and enhancing data based decision support tools. Observant Technology’s capabilities and its core team will join the global precision irrigation leader.

At the same time, Jain Irrigation Systems will able to provide technology platform to provide farmers with a broader suite of capabilities to increase crop yields with responsibly and profitably manage limited resources. Jain Irrigation Systems’ combination with its complementary products technologies from the US, Australia, India and Israel have unmatched capabilities to help farmers deliver on its promise of more crop per drop.

Jain International Trading B.V., Netherland, a wholly-owned subsidiary of Jain Irrigation, has raised Rs 1347 crore through issue of senior unsecured notes/bonds. The proceeds from the issuance will be used to repay existing third party indebtedness and for general corporate purposes.

The share price of Jain Irrigation Systems increased 1.73 per cent on the bourses in early trade and is trading at Rs 96.5 on an intra-day basis. The company will declare its Q3FY17 results on February 14. After above-normal monsoon season, traction in kharif and rabbi crop cultivation will help the company beat the street estimates.