Monday, 21 May 2012

Jain Irrigation to invest $375 million in African countries

NEW DELHI: Jain Irrigation Systems today said the company will invest $375 million (about Rs 2,000 crore) over the next few years to improve income of small and marginal farmers in African countries, including Nigeria, Kenya and Rwanda.

In a filing to the BSE, Jain Irrigation Systems (JISL) said it "has agreed to partner with G-8 and various African nations to invest in Africa."

"JISL has committed investment and projects of $375 million over the next few years to build sustainable agriculture and to improve income of small holder farmers in sub-Saharan Africa," the filing said.

JISL makes drip and sprinkler irrigation systems and components, piping systems, plastic sheets and agro processed products, among other farm products.

It has presence in 120 countries and is one the largest drip irrigation companies in the world.

JISL said it will partner and collaborate with the governments of Kenya, Rwanda, Ethiopia, Mozambique, Tanzania, Ghana, Cote d'lvoire, Burkina Faso, Nigeria and others.

The company said that it is launching significant African expansion programme which aims to provide an integrated set of irrigation and infrastructure solutions for small-holder and commercial farmers.

It would also invest in creation of storage, handling, supply chain and processing infrastructure in the African countries.

"In the next few months, Jain Irrigation plans to work closely with partner countries and G-8's initiative 'the New Alliance for Food and Nutrition Security in Africa' to select priority value chains and regional locations to develop a feasibility study for the integrated approach," the company said.

Shares of the company were trading up by 0.66 per cent at Rs 76.40 apiece on the BSE at 1400 hrs
Original Article Here

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