Jain Irrigation is right there among the top five gainers on the BSE, rising almost 17.5% in the early trades to Rs.43.90 and is currently trading around Rs.43 levels.

The company announced today morning that its global irrigation business will be merged with Rivulis, which is a part of Singapore-based investment fund Temasek, in a cash-and-stock deal.

This merger will help the firm cut its consolidated debt by Rs 2,700 crore or by around 45%.

With this move, the company will become the world's second-largest irrigation player with revenue of $750 million (Rs 5,860 crore).

The merged entity will be dual headquartered in Singapore and Israel and will continue to be named Rivulis Pte Ltd.