Kothari Industrial Corporation Ltd — Updates, 17-05-2025: Company Update

Kothari Industrial Corporation Limited has announced a board meeting and has entered into a share purchase agreement to acquire a 30% stake in Phoenix Kothari Footwear Limited by purchasing 7.8 crore equity shares from promoter Mr. Rafiq Ahmed. The total cash consideration for the acquisition is Rs. 99.06 Cr, with Rs. 40 Cr already paid as advance. Phoenix Kothari Footwear Limited is engaged in footwear manufacturing, with nil turnover in FY 2023-24. This strategic investment aims to strengthen Kothari’s presence in the footwear segment and aligns with its core business.