Jain Irrigation jumps 2% on Belgian buy; retreats

Jain Irrigation jumped over 2 per cent in early trade on Tuesday after the company announced that its subsidiary has acquired Belgium-based Innovafood NV and its affiliated firms. However, the stock wiped off early gains and eventually ended 0.58 per cent lower at Rs 119.25.

The company, however, did not disclose the deal amount, but said no government regulatory approvals are required to complete the transaction.

Jain Farm Fresh Foods (JFFFL) has acquired 100 per cent stake in Innovafood through its Belgium-based subsidiary, Jain Irrigation said in a BSE filing.


The scrip took off at Rs 121.45 and hit high and low of Rs 123.15 and Rs 118.55, respectively.

“We are delighted to be able to make this investment in a very dynamic, growth-oriented company. Innovafood and Jain have enjoyed a very close relationship in the past. We are looking forward to see Innovafood become much larger entity under Jain umbrella," JFFFL Chairman Anil Jain said.

Founded in 2000, Innovafood is a leading importer, stockist and distributor of food ingredients and has become one of the leading players in the dehydrated vegetables, spices and other food ingredients in Belgium, the Netherlands, France and other neighbouring countries.