Kothari Industrial Corp gets investment from Qatar’s FJ Global for 10% stake

Qatar-based FJ Global and Investment, owned by Falah Jassim J.M. AL-Thani, linked to the Royal family, is acquiring close to 10% (7,056,000 shares) in Chennai-based Kothari Industrial Corporation Ltd (KICL).The deal will be done at INR 25 per share with face value of INR 5. KICL’s current promoter, Rafiq Ahmed, plans to increase his investment to maintain his 47% stake.KICL will also set up a joint venture in Qatar, to be 70% owned by KICL and 30% by AL-Thani. KICL is also pursuing the acquisition of Ahmed’s 30% stake in Phoenix Kothari Footwear Ltd, which is developing a non-leather footwear park in Perambalur, Tamil Nadu.