Kothari Industrial Corp Increases Stake in Phoenix Kothari Footwear to 30%

Kothari Industrial Corporation Limited (KICL) has allotted 4,50,00,000 equity shares in its associate company, Phoenix Kothari Footwear Private Limited (PKFPL). This allotment increases KICL's shareholding in PKFPL from its previous stake to 30%. The investment is part of a blanket approval for further investment up to ₹200 crore. PKFPL is engaged in the manufacturing and trading of footwear and its business supports KICL's long-term growth strategy. The turnover for FY 2025-26 for PKFPL is reported as Nil. Mr. Rafiq J Ahmed, Promoter and Managing Director of KICL, also holds a directorship in PKFPL, and the transactions are carried out at arm's length.