The Indian irrigation and agriculture giant Jain Irrigation Systems Ltd. said it had signed an agreement with Kibbutz Naan to acquire the remaining 50 percent of the jointly owned company NaanDanJain, which up till now was jointly equally owned by Jain and Kibbutz Naan.
This acquisition realizes the call option that the Indian company has held since acquiring the first 50 percent in 2007.
The agreement was signed in the presence of the senior board member and executive of Jain, representatives of the Israeli company and of the Kibbutz.
The agreement ensures that the scope of the company's activity will remain in Israel until 2020, with the aim of expanding it in the future.
transaction allows strengthening the ties between India and Israel, and marks 20 years of the establishment of diplomatic relations between the two countries. Jain was the first Company to enter into a business partnership in Israel, in such a unique and successful manner.
The Managing Director of the Jain business concern and the Chairman of NaanDanJain Anil B. Jain, who is visiting Israel on the occasion of the "Agritech" exhibition, said, "This is a significant step in the strengthening of the ties between Israel and India. This is an immense opportunity to expand our activity in the world in areas that provide solutions to the growing global climate change, water, food and energy crises."
NaanDanJain's CEO Avner Hermoni commented, "Jain's large investment is an expression of faith in NaanDanJain. The agreement will ensure the expansion of NaanDanJain in the coming years."
At the BSE, Jain Irrigation Systems closed Monday's trading at Rs.75.80, up 0.40 percent from the previous close.
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