Jain Irrigation to raise $75 mn for expansion
Having raised $15 mn, Jain Irrigation now awaits RBI's approval to raise $60 mn from a consortium led by IFC and Lehman Brothers.
By PTI |
MUMBAI: Jain Irrigation Systems Ltd, a manufacturer in drip and sprinkler irrigation systems, plans to raise $75 million through debt in international markets to finance its expansion and acquisitions plans, a top company official said on Monday.
Jain Irrigation has already raised $15 million debt and is now awaiting RBI's approval to raise $60 million from a consortium led by International Finance Corp and Lehman Brothers.
"We are waiting for approvals from RBI (Reserve Bank of India) for raising funds in international markets, which is expected by early January," Jain Irrigation Managing Director Anil Jain said on the sidelines of a press conference here on Monday.
Jain Irrigation Systems has chalked out a $95-million capital expenditure plan for FY08, of which $60 million will be spent on expansion in India, Jain said, adding that it is now eyeing acquisitions of global suppliers of valves, controllers and filters segments.
The company now proposes to spend 50 per cent in micro irrigation for the Indian market while 30 per cent will go into food processing, fruit and vegetables. The remaining will be for piping infrastructure, Jain said.
"We have also issued warrants to promoters which will bring about $40 million this year and $70 million next fiscal," he added.
Jain Irrigation has already raised $15 million debt and is now awaiting RBI's approval to raise $60 million from a consortium led by International Finance Corp and Lehman Brothers.
"We are waiting for approvals from RBI (Reserve Bank of India) for raising funds in international markets, which is expected by early January," Jain Irrigation Managing Director Anil Jain said on the sidelines of a press conference here on Monday.
Jain Irrigation Systems has chalked out a $95-million capital expenditure plan for FY08, of which $60 million will be spent on expansion in India, Jain said, adding that it is now eyeing acquisitions of global suppliers of valves, controllers and filters segments.
The company now proposes to spend 50 per cent in micro irrigation for the Indian market while 30 per cent will go into food processing, fruit and vegetables. The remaining will be for piping infrastructure, Jain said.
"We have also issued warrants to promoters which will bring about $40 million this year and $70 million next fiscal," he added.
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