Jain Irrigation Systems Limited (JISL) has acquired 69.75% stake in Switzerland-based Thomas Machines S.A., with full management and operational control.  

Thomas Machines is engaged in manufacturing of specialist machines and equipment including latest generation high technology drip irrigation lines, quality control and test equipment, automation equipment, laser machine centers and laser products and has been a supplier to JISL for over three years.

The acquisition will help the Company and its subsidiaries all over the world to further invest in the field of irrigation to build its capacities and increase speed to market for new generation drip lines.

JISL engages in the manufacture and sale of irrigation systems, polyethylene pipes, and plastic sheets primarily in India. The company will also have the call option on purchasing the remaining 30.25 percent of the shares of Thomas Engines.

The shares of Jain Irrigation touched a lifetime high of Rs 770 on the BSE today after the news was released. The stock ended the day at Rs 770, up Rs. 23 or 3.19% over the previous close. The stock is up nearly 14% in the past one month while the markets have been very volatile due to US recession fears and weak global signs.