On March 30, Jain Irrigation Systems Limited (JISL) said it had completed the merger of its international irrigation business with Rivulis Pte Ltd, part of Singapore’s Temasek Group, to create a global irrigation and climate specialist. According to a regulatory filing, the deal will also significantly reduce the company’s debt.

The combined entity will create a global irrigation and climate entity generating $750 million in revenue. The regulatory filing added that the corporate brand of the combined company would be Rivulis in alliance with Jain International.

Managing Director of Jain Irrigation, Anil Jain, said: “The strategic alliance with Rivulis and the partnership with Temasek create a global leader in micro-irrigation with a solid geographic footprint and comprehensive product range. MergeCo will lead the mass adoption of modern irrigation solutions and digital farming by international growers and business partners through its focus on accessibility, innovation and sustainability. Now more than ever, we can provide sustainable solutions to our planet’s key challenges, including food security and climate change. “

Jain Irrigation Systems Limited shares rose 11.22% to Rs 32.82 at 1:35 pm on the BSE on March 30, 2023.

The merger is expected to reduce Jain Irrigation’s consolidated net debt by 44%, or Rs 2,800 crore. The filing showed that the company’s debt as of December 31, 2022, was Rs 6,415 crore, which will be reduced to Rs 3,615 crore post-transaction.