Jain Irrigation Systems Ltd has agreed to acquire ET Water Systems Inc., a California, US-based company that offers irrigation technology products.
The acquisition will expand Jain Irrigation’s water management technology product offerings, the company said in a statement. It didn’t disclose financial details, saying only that the transaction will close shortly after certain customary conditions are met.
The company, which is making the acquisition through US unit Jain Irrigation Inc., said the acquisition will strengthen its position in the US smart agriculture market.
“Jain is an early leader in the Internet of Things (IoT) for agriculture. ETwater will improve our position in agriculture and help us make a bigger impact in reducing water waste in landscape irrigation,” said Aric Olson, president of Jain Irrigation, Inc.
ETwater is a smart irrigation company with a patent to centrally process Big Data to implement predictive watering schedules based on plant types, soil and slope conditions, and environmental factors.
ETwater’s patented technology integrates data science, machine learning and predictive analytics about weather forecast and environmental variables to adjust site-specific irrigation schedules. It also makes smart irrigation controllers.
Jain Irrigation makes micro-irrigation systems, plastic pipes, plastic sheets, agro processed products, tissue culture plants and other products. It has 30 factories across the globe; 12 plants are in India and 18 overseas.
Jain Irrigation’s consolidated revenue stood at Rs 7,999 crore for the year through March 2018, up from Rs 6,939.3 crore the previous year.
Earlier this year, International Finance Corporation, the World Bank's private-sector investment arm, had provided debt-financing of $40 million to Jain Irrigation Systems.