Jain Irrigation Systems Ltd has announced that the company has plans to raise USD 75 million through debt from a consortium led by International Finance Corp and Lehman Brothers to fund expansion plans in coming quarters.

The company plans to spend USD 95 million to expand its drip irrigation, pipes and food processing facility over 18 months. The remaining USD 20 million will come from internal accruals, a top official said.

Incorporated in 1986, Jain Irrigations manufacturers Drip and Sprinkler Irrigation Systems and Components, PVC, Polyethylene (HDPE, MDPE) & Polypropylene Piping Systems, Plastic Sheets (PVC & PC sheets), Dehydrated Onions and Vegetables, Processed Fruits, Tissue Culture, Hybrid & Grafted Plants, Greenhouses, Poly and Shade Houses, Bio-fertilizers, Solar Water Heating Systems and Solar Photovoltaic Appliances.

The firm presently holds market cap worth Rs. 4,299 crore, PE Ratio of 37.26; EPS of 17.42 and BV of 62.97. The firm registered a net profit of Rs 30 crore for the quarter ended September 2007 as against Rs. 16 crore in same quarter of last year.

At 2:46 PM, the share was trading at Rs. 648 on NSE, up by 4 % compared with previous close of Rs. 626. The stock has touched an intraday high of Rs. 699 and low of Rs. 630.