Australia's Gandel Group agreed in principal to purchase an 89.7 percent stake in Netanya-based Elgo Irrigation Ltd. for NIS 45 million, the group's Israel representative Uri Yogev said Sunday.
Yogev said the group, headed by philanthropist and businessman John Gandel, intended to form an investment group focusing on Israeli water industries. Gandel, in 2005, bought a 50% stake in the concern controlling Plastro Irrigation Ltd. and Pelad Ltd. for NIS 61.5m.
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