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Sunday, Dec 15, 2002

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Jain Irrigation, GE Plastics in pact

Our Bureau

MUMBAI: Jain Irrigation Systems Ltd has informed the Bombay Stock Exchange that it has signed the Definitive Transaction Agreement for sale of 2 Polycarbonate Equipments and other assets to GE Plastics India Ltd.

Under a separate arrangement the company has sought to lease similar equipment in for use in 100 per cent EOU for domestic and exports sales of polycarbonate sheets. Hence the turnover is unlikely to be affected by the sale of equipment and other assets. The company has further informed that the transaction agreement is subject to certain conditions precedent and it is making efforts to achieve closing in the next couple of weeks.

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