Qatar-based F J Global and Investment Acquires 10% Stake in Kothari Industrial Corporation (KICL)

In a significant move, Qatar-based F J Global and Investment, owned by Falah Jassim J.M.AL-Thani, has acquired a 10% stake in Chennai-headquartered Kothari Industrial Corporation (KICL). The acquisition involved the purchase of 70,56,000 shares at a value of Rs 176.4 crore. This investment by a company belonging to the Qatar royal family is seen as a major boost for KICL, which has a presence in non-leather footwear and drones.

KICL, in a statement, highlighted the strategic importance of this move and announced that its board has cleared a proposal to set up a joint venture company in Qatar. The proposed joint venture will have a 70% holding by the company, while the remaining will be held by Falah Jassim J.M.AL-Thani. The primary objective of this joint venture is to scout for growth opportunities and promote business globally.

Simultaneously, the board also approved a move to acquire the shares of Rafiq Ahmed, the present promoter of KICL, in Phoenix Kothari Footwear. Ahmed holds a 30% stake in Phoenix Kothari Footwear, and the acquisition is subject to relevant approvals and valuation.