Jain Irrigation Shares Surge 17% On Temasek Deal


Even though the deal took some time to happen, it’s one where “ethos are based on medium to long-term”, Managing Director Anil Jain told BQ Prime’s Niraj Shah in an interview. “We’re creating a much larger entity globally which can address climate change and significantly grow from where we are today.”

The association with Temasek, according to Jain, is also a highlight of the deal. “There’s a possibility that we’ll do something more with Temasek in India. There’s no certainty, but the next step would be to explore what more we can do with them in India in the agri-value chain.”

The two, according to the statement, might collaborate in areas relating to ESG, hi-tech agricultural inputs, technology innovation and benefitting small farmers.

The potential future dealings with Temasek, Jain said, could be of a nature where the Singapore-based fund comes on board as a shareholder, like it was back in 2005. “They exited in 2011-12, making 5X returns. So they have happy memories of dealing with us.”

The focus for Jain Irrigation now comes to debt reduction. “Over the next 2-3 years, through internal accruals and cash flow generation, the aim is to further reduce debt.”


Source link

What is your reaction?

In Love
Not Sure

You may also like

Comments are closed.

More in:Business