Jain Irrigation - Acquires Aquarius

Jain Irrigation Announces Acquisition Of Aquarius Brands Inc. California, USA

Jain Irrigation Systems Ltd on February 15, 2007 has announced that it has agreed to acquire 100% control in Aquarius Brands Inc. California, USA from Habasit Holding USA Inc for USD 21.5 million in all cash deal. Aquarius is a debt free Company. With this acquisition, the Company will become second largest drip irrigation Company in the world.

The Company is a diversified Company with more than 3,800 employees and market capitalization in excess of INR 25 Billion and a product portfolio encompassing Irrigation Products, Piping Products, Plastic Sheets, Dehydrated Foods, Fruit Puree and Juice concentrates. The Company has pioneered drip irrigation for small farmers in India and has the major market share in one of the fastest growing irrigation markets in the world. The Company had acquired Chapin Watermatics, a leading manufacturer of drip tape located in Watertown, New York in May 2006.

Aquarius is a leading designer and manufacturer of micro-irrigation systems for agriculture, landscape and nursery applications, Aquarius' divisions include Agricultural Products (API®), PEPCO®, and Acu-Drip®. The Company has been providing fittings, filters, air vents, tubing, emitters and accessories to the irrigation industry for over 35 years. Branded products Include Spin Clean® filters, Tape Loc®, Spin Loc® and Power Loc® fittings, Softube® and Fiatube®, Micro-Flapper®, Quadra-Bubbler® and Octa-Bubbler®, among many others. The Company has manufacturing facilities in Ontario and Fresno, California and Winter Haven, Florida. It has network of more than 1000 dealers for product distribution.

Managing Director of the Company, Anil Jain said after closing the deal in USA, "With this acquisition we have firm foothold in one of the largest markets for the irrigation business and access to latest technology for Irrigation components". He further added that "Jain Irrigation will now focus on synergies of its operations in India and USA to offer the most diverse but integrated products and services in the irrigation business to customers all over the world".

This Acquisition will be made through Jain Irrigation Inc, USA, a wholly owned subsidiary of the Company. Closing of the transaction will take place immediately.

Source : Bombay Stock Exchange