Investment16 Apr 2026, 06:21 pm
KICL invests \u20b927 Cr in PKFPL, raises stake to 30%
AI Summary
Kothari Industrial Corporation Ltd (KICL) has made a further investment of \u20b927 crore in Phoenix Kothari Footwear Private Limited (PKFPL). This investment, approved by KICL's Board, involved the allotment of 2,70,00,000 equity shares to KICL on April 15, 2026, at \u20b910 per share. Consequently, KICL's shareholding in PKFPL now stands at 30%. The strategic move aims to strengthen KICL's presence in the footwear business and aligns with its long-term growth strategy. The transaction is classified as a related party transaction due to Mr. Rafiq J Ahmed's directorship in PKFPL, but it was conducted at arm's length. PKFPL, a Chennai-based footwear manufacturer, reported nil turnover for FY2022-23, FY2023-24, and FY2024-25.
Key Highlights
- KICL invested \u20b927 crore in Phoenix Kothari Footwear Private Limited.
- This investment increased KICL's equity stake in PKFPL to 30%.
- The acquisition strengthens KICL's presence in the footwear business.
- PKFPL, a footwear manufacturer, reported nil turnover for the last three fiscal years.
- The transaction is a related party deal, conducted at arm's length.