Yet expansion is back on Jain Irrigation's agenda. Anil, who spearheaded the overseas acquisitions drive of the last two years, is targeting the number one position that unlisted Netafim occupies.

"India's the world's fastest-growing market for drip irrigation. We'll catch up soon enough," he says confidently. UBS estimates an annual 30% growth in the company's revenues until 2010, driven by the ongoing reforms in India's long-neglected agricultural sector.

The Jains want to leverage their water expertise beyond agriculture. They feel that transforming Jain beyond irrigation is the logical next step. To that end they have recently forged an alliance with Mekorot, Israel's state-owned water utility.

Giora Gutman, chief executive of Mekorot's international arm, says that they will jointly tap emerging public-private opportunities in India's water sector. Jain's youngest son, Atul, who is overseeing this expansion, discloses that they have been evaluating a bid on a tender to supply water to Mysore in southern India.

Image: A farmer inspects his frosted cauliflower crop in a vegetable field on the outskirts of Amritsar. | Photograph: Narinder Nanu/AFP/Getty Images