Skipper has received an approval to form a Joint Venture (JV) with MetzerPlas Cooperative Agricultural Organization which is one of the largest and most specialized manufacturers of Drip Irrigation Solutions from Israel. The board of directors at its meeting has approved for the same.

The Drip Irrigation business holds immense potential in India and is one of the focus sectors of the government. The current domestic industry size is estimated at over Rs 50 billion and under the Prime Minister's flagship scheme Pradhan Mantri Krishi Sinchai Yojna (PMKSY), the company expects this sector to grow at a robust pace and for the JV to become a major player in it in the years to come.

Shares of the company gained Rs 7.65, or 3.01%, to trade at Rs 261.50. The total volume of shares traded was 19,133 at the BSE (10.03 a.m., Friday).