KICL Acquires 30% Stake in Phoenix Kothari Footwear
This acquisition involves the transfer of 78,002,900 equity shares at ?12.70 per share, totaling ?99.06 crore. The transaction was completed on September 29, 2025, through a Delivery Instruction Slip (DIS), making Phoenix Kothari Footwear an associate company of KICL.
This strategic move aligns with KICL’s expansion plans in the footwear sector, complementing its existing joint venture with Taiwan’s Evervan Group. The company is also progressing with plans to establish a non-leather footwear industrial park in Perambalur, Tamil Nadu, aiming to produce 100 million pairs of footwear by 2027 and generate employment for over 50,000 individuals.
The acquisition has been approved by KICL’s Audit Committee, Board of Directors, and shareholders, ensuring compliance with regulatory requirements and reinforcing the company’s commitment to growth in the footwear industry.