India: Agri fund Mandala Capital to invest $122m in Jain Irrigation, food subsidiary

Anil Jain, managing director of Jain Irrigation Systems, said the company is delighted to be putting together such a large equity investment from Mandala Capital even in challenging global market conditions.

Jain Irrigation Systems Ltd, Asia’s largest irrigation equipment maker, will raise Rs.792 crore by issuing equity shares in the company and its food business unit to agri-business funding firm Mandala Capital Ltd and promoters.

The total equity fund raising would be done through three phases.

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