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

Kothari Industrial Corporation Ltd. (KICL) has received board approval to incorporate a subsidiary company, KOTHARI IUAD Private Limited, through a joint venture agreement with Accademia IUAD, Italy. The new company will be an International Footwear Design & Technology Educational Institution/University in India, combining IUAD’s design/academic expertise with KICL’s industry, infrastructure, and funding. KICL will subscribe to 51% of the equity shares in the proposed company for a consideration of INR 2,55,00,000. The acquisition is complementary to KICL’s footwear vertical and is expected to be completed within 30 days from the date of incorporation.