The Hindu Business Line : Jain Irrigation picks up significant stake in Terra Agro Tech

This investment will culminate in the merger of Terra with the company in the next 6-9 months subject to compliances and requisite approvals. Terra is an unlisted and closely held company promoted by Mr Vijay Mohan and family, who are also promoters of the Pricol group.

Terra is involved in the business of growing and processing of vegetables and also has a manufacturing plant situated at Udmalpet taluk in Coimbatore. The plant has an installed capacity of 1,600 tonnes per annum for vegetable dehydration. The company has approximately 1,250 acres of land.

"This acquisition has multiple benefits for the company. It will add new product line - vegetable and nutraceutical processing and dehydration to our food processing division," the company said in a release quoting Mr Anil Jain, Managing Director, JISL.

It will also allow the company to increase its banana tissue culture market penetration in Tamil Nadu and Kerala as well as some of the adjoining districts of Karnataka and Andhra Pradesh. Tamil Nadu has second largest banana production in the country. "Most importantly, it will give us wider and deeper foothold in the markets in southern India to promote our core business of drip irrigation and PVC & PE Pipes," it added.

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