Jain Irrigation Systems Ltd., the agri-irrigation leader has signed a Memorandum of Understanding (MoU) with the Government of Maharashtra.

Under the pact, the company will setup two Mega Projects with an estimated investment of Rs 550 crore covering agro based and related products in the industrially backward district of Jalgaon.

The MoU was signed between Anil Jain, managing director, Jain Irrigation and Azeez M Khan, principal secretary (industries).

The investment will include additional production of micro irrigation equipment, fruit and vegetable processing, tissue culture and other allied agricultural activities.

For fiscal 2007-08, the company reported a net profit of Rs 139.70 crore, an increase of 40.9% over Rs 99.10 crore in the corresponding fiscal last year.