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ATM News Network: 'Revulis' owned by investment company Temasek has acquired Jain Irrigation Systems Ltd. Completed the merger of several foreign subsidiaries comprising the international irrigation business of AgroPages.com reports that Revulis has announced that the deal has received regulatory approval.
With this acquisition, Revulis will lead the global adoption of modern irrigation solutions and digital agriculture by manufacturers and business partners on the irrigation and climate front. All government permissions and pre-requisites for share purchase agreements
The acquisition was finalized after fulfilling the terms and conditions.
Revulis will finance the acquisition with additional investment from investment firm Temasek as well as newly issued shares to Jain India. In addition, loans taken by Jain America and Nandan Jain will be immediately refinanced through a syndicated facility signed by leading banks including HSBC, Rabobank, State Bank of India, ANG, Bank Leumi, and First International Bank of Israel.
"We are pleased that the two companies have joined hands to create a long-term sustainability-led company, as outlined during the agreement announced last June," said Richard Klafolz, CEO of Rivulis.
Jain Irrigation Systems Limited has agreed to merge its global irrigation business with Temasek-owned Revulis in June 2022. The deal is in the form of cash and shares. Jain Irrigation has a Rs 4,200 crore global irrigation business. Of this, Rs 2,700 crore will be used to pay off the entire foreign debt and Rs 200 crore will go to the parent company.
Jain Irrigation will hold 22 percent equity stake in the merged entity, while Revulis will hold 78 percent. Anil Jain, the managing director of the company, informed that this would generate revenue of 750 million dollars for the combined entity.
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(Except for the headline, this story has not been edited by ATM staff and is published from a web feed.)
(Source: Agropages.com)
