Agri-irrigation leader, Jain Irrigation Systems announced that it will invest Rs 550 crore in Jalgaon district in Maharashtra in two projects under the state government’s mega projects policy.

For this, the company has signed up a memorandum of understanding (MoU) with the government of Maharashtra. The investment plan will encompass establishment of extra production facilities of micro-irrigation equipment, fruit and vegetable processing, tissue culture and other allied agricultural activities.

Anil Jain, managing director, Jain Irrigation and Azeez M Khan, principal secretary (industries) signed the MoU in the presence of the Founder Chairman of Jain Irrigation, Shri Bhavarlal Jain.

Maharashtra CM Shri Vilasrao Deshmukh, Dy. C.M. Shri. R. R. Patil as well as the concerned ministers, MLAs and other functionaries were also there. 

Mr. Bhavarlal stated that arond 700 acres of additional land would be needed for the recent project.

“The state government has promised full support for the project and we are confident that the land required will soon be given to us,” the chairman said.

 He also said that the company is only interested in barren or waste land and not cultivable land possessed by the agriculturists.

Anil Jain said, “The construction work at the site, where the company has some vacant land, has already been initiated and we hope to complete it in just over two years.”

Moreover the company would have need of water and extra power of around 10 mw. Presently, the plant utilizes around 15 mw of power on a daily basis.

He also said that the company had recently acquired plants and facilities in the fields of micro-irrigation and fruit processing and would now concentrate on capacity expansion.

Jain Irrigation has also decided to invest around Rs 250 crore in the domestic market during the existing fiscal.

State principal secretary Khan said the two mega projects would directly generate employment for 1,400 people and 5,500 people indirectly.

“This is well above the mega project criteria, which the government has benchmarked for backward and developing areas,” he said.

Shares of the company, on Thursday (May 15) gained 0.3%, to settle at Rs 646.90 on the Bombay Stock Exchange (BSE).