MILCast has been operating for more than 20 years and is a major employer for the drought-stricken town of Finley, currently employing 17 people.

The board announced it would begin an expression of interest process in the coming days.

Chairman Phil Snowden said given the current climate of drought in the region, Murray Irrigation needed to focus on water delivery.

"As a precast concrete manufacturer, MILCast is fundamentally a production and sales business," he said in a statement.

"After careful consideration, the Board has accepted that it would benefit from new owners who specialise in these areas.

"As a major employer in the Finley region, a key consideration for the Board was to ensure that this was the right move for the local community and the Murray Irrigation business.

"In this current climate of drought and ongoing difficult conditions, Murray Irrigation must focus on its core business of providing efficient and reliable water delivery, advocating for water resources and investing in agricultural growth for residents across our footprint."

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Finley has been hit hard by the drought, with the dry weather and zero water allocation hurting irrigators and causing some to walk off the land.

Murray Irrigation chief executive Phil Endley advised MILCast employees of the company's intention to sell and to talk through the next steps.

He said employees would not be affected in the short term.

"The business will continue to operate as usual while the sale process takes place," he said.

"There will be no immediate impact on employees.

"We commit to keeping them informed throughout this process and remain available to answer any questions they may have.

Murray Irrigation said over the next ten days, it will commence an expression of interest process for the sale of the business.