A Message from the CEO Sudhakar Maddila:
NaanDanJain/Jain Inc and Rivulis to merge to create a Global Irrigation and Climate Leader.
I am pleased to share that Rivulis and Jain Irrigation’s International Irrigation Business consisting of NaanDanJain Group and Jain Irrigation USA, will merge to create a Global Irrigation and Climate Leader. Rivulis Pte Ltd. (“Rivulis”), Israel and Jain Irrigation Systems Limited (“Jain”), based in Jalgaon, Maharashtra, India, have entered into definitive transaction agreements for merging the multiple overseas subsidiaries of NaanDanJain and Jain USA with Rivulis .
The transaction consideration is a combination of cash and stock deal. Pursuant to this transaction, Temasek, Singapore and Jain Irrigation, India will hold 78% and 22% interest respectively in the combined company, Rivulis. Jain will continue to be a major supplier of irrigation products made in India to Rivulis for sale in international markets outside of India.
In the current process with Temasek and Rivulis the objective was to create a much larger organization with the combined experience of Jain Irrigation/NaanDanJain and the strengths of Temasek/Rivulis. This combined entity with its right geographical match and complimentary product and digital farming portfolios, and even more importantly a shared passion, will help growers transition to modern irrigation.
Today’s announcement is a key milestone in the realization of this vision and execution of our business strategy; through this merger, together we will build a long-lasting, purpose-led company to spearhead the transformation of agricultural irrigation globally. Jain Irrigation’s portfolio of companies worldwide combined with Rivulis’ similar experience of creating stable mergers will make the current merger a market consolidator and leader, creating a single company with a much stronger financial foundation.
This transaction reflects the shared visions of Temasek and Jain to help the farmers worldwide to achieve “More Crop per Drop”. We will continue to focus on accessibility, innovation and sustainability across the globe.
To read the full announcement go to the Attached PDF