Kothari Industrial Corporation Ltd to Incorporate a Subsidiary through Joint Venture with Accademia IUAD, Italy

Kothari Industrial Corporation Ltd (KICL) has announced its decision to incorporate a subsidiary company by entering into a Joint Venture Agreement with Accademia IUAD, Italy. The new company, named KOTHARI IUAD Private Limited, will have a proposed authorized capital of ₹ 10 crores and a proposed paid-up capital of ₹ 5 crores. The subsidiary will be related to KICL and will promote technical, artistic and design skills to set up an International Footwear Design & Technology Educational Institution/University in India. KICL will subscribe to 51% of the equity shares in the new company for ₹ 2.55 crores. The acquisition is expected to be completed within 30 days from the date of incorporation.