Jain Irrigation surges ahead in Drip Irrigation

Anil Jain, Managing Director of Jain Irrigation informed the 20th General Meeting of the company, that the company aims to increase its turnover by Rs. 1000 Cr. during the next financial year and will record a turnover of Rs. 2200 Cr. He also stated that the company is poised to claim the first position in entire global drip irrigation business, within a span of two years. The 20th annual general meeting was held here today, on 27 September. The meeting was chaired by Bhavarlal Jain, Founder Chairman of the company. Company Secretary AV Ghodgaokar, Vasant Warty, Anirudh Barve, Managing Director Anil Jain, director RCA Jain, Technical Director R. Swaminathan were present on the dias.

Managing Director Anil Jain in his address to the meeting elaborated the future plans. He said that, with its strides in the fruit processing, onion processing and dehydration business, as well as with the process plants set up overseas, Jain Irrigation has grown to become a business worth Rs. 4000 Cr. It took 40 years for the company to reach the 1200 Cr. mark, while its only a year from now, the company will grow its turnover by a whooping 1000 Cr. The company is increasingly investing in sun rise areas line water management, agricultural processing, bio fuel etc. and this investment will yield impressive results in near future. We are aiming to be counted in the first three companies, in every business that we undertake. While marching ahead with its global business plans, Jain Irrigation will never loose its identity and core values.

The meeting was held at the new Pipe project building at Bambhori. The meeting commenced with paying homage to people that passed away during the preceding year. Company Secretary Avadhoot Ghodgaokar read the audit report for the financial year. The meeting then approved the audited reports as well as proposals for preference shares and dividend on equity shares. AR Barve and Technical Director RB Jain were reappointed on their positions and the meeting also reappointed auditors for the next financial year and approved mortgage of immovable property.

Founder Chairman Bhavarlalji Jain said, “The success of this company is possible with the active contribution from share holders, workers and associates, suppliers, consumers, government and the society at large. We have shared this success with our hardworking employees by way of offering ESOP at 5 Lakh equity shares. Another set of 5 lakh shares will be distributed to the workers by way of ESOP during the current Diwali festival. Distribution of shares and bonus to associates will cost Rs. 20 Cr. each. The company paid an 18 per cent dividend last year and this year the dividend is 20 per cent.  The company believes in giving back to the society and therefore amended its articles of association to provide 3 per cent for social cause from out of it's annual profits. As such Rs. 3 Cr. was provided for social service. This provision is being amended to make it 5 per cent so that the company can spend Rs. 5 Cr. for social cause. He also informed the meeting about Anubhuti school which is run with active financial assistance from the Jain family.

Shri. Dalubhau Jain, Prof. P. G. Abhyankar, Prof. Badve spoke at this occasion. Post graduate students of the Muljee Jetha College of Economics participated in the meeting to get a first hand knowledge of the working of the company. The students later interacted with Shri. Bhavarlalji Jain. The meeting concluded with a vote of thanks proposed by vice president Ashok Jain, followed by national anthem. 

Sourced From: Hanmer & Partners Communications Pvt. Ltd