Jain Irrigation through its wholly owned UK based subsidiary Jain (Europe) Limited has acquired and subsequently exercised 10% of the rights to the currently ongoing capital increase of Eurodrip S.A, Greece. At completion of the capital increase, Jain would end up with a stake of approximately 7.5% in Eurodrip S.A on full subscription basis. The cost of the transaction was about Euro 3.5 Mn.

Eurodrip SA Is an Athens based company with manufacturing plants located in USA, Turkey, Jordan, Egypt and Greece and sales spread over in about 40 countries. The Company is amongst the first 5 global micro irrigation companies. The company is listed on the Athens Stock Exchange since 2000. Eurodrip SA had consolidated sales revenue of Euro 35 Mn. for the year 2004. For the nine months ended September 30, 2005, the Group achieved Euro 27.8 Mn.

Jains is looking forward to the mutual benefit from establishing a close strategic relationship between the two companies and in working together In a synergistic and complementary manner. The move is in line with the Companys strategy to foster relationship with global players in micro irrigation systems.

YES Bank was the exclusive strategic and financial advisor for this transaction.

About Jain Irrigation Systems Limited:

Jain Irrigation Systems Limited is one of the leading agri-business company in India. The Companys product range includes: Micro Irrigation Systems consisting of drip and sprinkler irrigation systems; Piping Systems consisting of PVC pipe and Polyethylene ("PE”) pipe and fittings; Plastic Sheets consisting of PVC sheet and Polycarbonate ("PC") sheet products; Agro Processed Products consisting of dehydrated onion and vegetable products and processed fruit purees and concentrates; and other products such as agricultural tissue culture and solar water heater and photo-voltaic systems.