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Inspiring story of a man who changed farmers' lives
August 29, 2008
Stepping up public investment in the sector, notably in irrigation, has become a priority for the government. That's no political wonder--65% to 70% of India's population is dependent upon agriculture for their livelihood. In 2004 an official study group said efficient water management through micro-irrigation could help many save on fertilizer and labor, as well as the precious liquid itself.
All good news for Jain Irrigation, whose revenues last year rose 58% to $545 million with net profits increasing by 59% to $31 million. (The company has broadened into contract farming and agricultural tissue culture, and is the country's largest processor of fruits and vegetables and the biggest producer of dehydrated onion.)
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Since 2005 the company's share price has tripled. Despite a recent fall in the Bombay market, Bhavarlal's 32% stake, which he holds with his family, is worth $300 million today.
What works in India applies abroad. So Jain has acquired six companies overseas since 2006, including irrigation firms in the U.S., Israel and Switzerland. According to analysts a UBS Securities India, these acquisitions give Jain a fuller product range, enabling it to extend its reach into mature markets in the U.S. and Europe.
Image: Indian women workers walk in a rice paddy field in Nalgonda district of Andhra Pradesh. | Photograph: Noah Seelam/AFP/Getty Images
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