JAIN IRRIGATION ANNOUNCES COMPLETION OF INVESTMENT IN UNITED STATES’ 2 OF THE LARGEST MICRO IRRIGATION DEALERS – AVI & IDC
Mumbai, 16 May, 2017
This is further to our announcement dated April 19, 2017. We hereby inform that Jain Irrigation Systems Limited (“JISL”) through its multi generation wholly owned subsidiary in the United States of America (“USA”) has completed acquisition of 80% stake in two of the United States’ largest micro-irrigation dealers - Agri-Valley Irrigation, LLC. (“AVI”) and Irrigation Design and Construction, LLC (“IDC”).
This promotes JISL’s USA business to become an un-paralleled leader in design, construction, service, and innovative Ag Technology providing a unique platform to help growers implement state-of-the-art irrigation technology and achieve “More Crop Per DropTM”.
Anil Jain, CEO of Jain Irrigation Systems Ltd. said, “We are delighted to inform about the completion of our investment in AVI and IDC and welcome all their associates into the JISL group. We look forward to working with all the stakeholders of AVI and IDC to deliver on the vision and high growth trajectory of their businesses and reaching out to newer horizons. The food production industry has undergone a lot of consolidation both globally and in the USA. We look at the diversification of Jain’s investment in irrigation distribution to be following a model that mirrors the industry trend”.
Aric Olson, President, Jain Irrigation, Inc. said “Our independent dealer partners know us, know our commitment to our relationships and are looking forward to working together toward improving our industry. Together we look forward to continuing to work on improving the value-chain for farmers by investing in knowledge, talent and technology”.
Larry Rompal of AVI and Michael Conrad of IDC reiterated their belief that they have built a lot of great business relationships and friendships over the years with their vendors and farmers and both the entities will continue to build on the value of those connections while delivering the best outcomes for farmers.
This acquisition is financed by Export–Import Bank of India under its Overseas Investment Finance Program.
About AVI:
Agri–Valley Irrigation, Inc., founded in 1983 has since developed into a large firm supplying unique irrigation services to the central San Joaquin Valley agriculture community. Larry Rompal, as CEO and owner of the company relies on his staff of over 140 dedicated professionals to engineer, design, fabricate, install and maintain irrigation projects regardless of size or complexity. The Company carries a large, diverse inventory of parts at each of its locations, Fresno, Five Points, Firebaugh, Merced, Bakersfield, and Visalia. The field staff of installation and service personnel are considered the finest and most experienced in the industry. Installations include drip irrigation systems, micro sprinkler systems, pivots, aluminum pipe, sand media filters, VFDs, pumps, MicroPro chemical maintenance and full automation, control and monitoring systems. Agri–Valley Irrigation invests its experience in meeting customer’s irrigation needs.
About IDC:
Irrigation Design & Construction, headquartered in Patterson, California, takes pride in doing the right thing. They have applied this principle from the start of business in 2004 and have grown to seven retail locations in California’s Central and Salinas Valleys. Irrigation Design and Construction employs over a hundred associates dedicated to specifying and installing the highest quality and most technologically advanced irrigation equipment available. The Irrigation Design and Construction team helps growers every day to irrigate efficiently and maximize the value of their investment in irrigation.
About Jain Irrigation Systems Ltd:
Our Company, Jain Irrigation Systems Limited (JISL) with its motto ‘Small Ideas, Big Revolutions’ with more than 10,500+ associates worldwide and revenue of ËœUSD 1 Billion, is an Indian multinational company with manufacturing plants in 30 locations across the globe. JISL, its subsidiaries and associates are engaged in providing solutions in agriculture, piping, infrastructure through 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 since more than 34 years. It has pioneered a silent Productivity Revolution with modern irrigation systems and innovative technologies in order to save precious water and has helped to get significant increase in crop yields, especially for more than 6 million small farmers. It has also ushered in new concept of large scale Integrated Irrigation Projects (IIP). ‘More Crop Per Drip™’ is the company’s approach to water security and food security.
JISL is early pioneer for IOT in the agri–sector and is leading efforts to create global solutions with precision agriculture. It’s food brand ‘Jain FarmFresh’ is well known all over the world for quality and consistency.
All the products and services of JISL help create a sustainable future while fulfilling its vision to ‘Leave this world better than you found it’. JISL is listed in NSE–Mumbai at JISLJALEQS and in BSE at code 500219.
DISCLAIMER:
Certain statements that may be made or discussed at the conference call may be forward–looking statements. Such forward–looking statements are subject to certain risks and uncertainties like significant changes in economic environment in India and overseas, tax laws, import duties, litigation, labour relations etc. Actual results might differ substantially from those expressed or implied. Jain Irrigation Systems Ltd will not be in any way responsible for any action taken based on such statements and discussions; and undertakes no obligation to publicly update these forward–looking statements to reflect subsequent events or circumstances.
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