Kiri Industries to sell DyStar stake for ₹5,630.95 Cr, announces ₹10,661 Cr Copper & Fertilizer project
The sale of DyStar stake for over ₹5,600 crore resolves a major legal dispute and provides significant capital. The new ₹10,661 crore copper and fertilizer project represents a substantial diversification and capital expenditure, fundamentally altering the company's business profile and future revenue streams, thus having a high impact on its long-term prospects.
The resolution of the long-standing DyStar legal case with a substantial settlement and the commencement of a large-scale strategic diversification into the high-growth copper and fertilizer sectors, despite past negative financials, indicates a strong positive outlook and future growth potential for the company.
Kiri Industries Limited submitted its Investor Presentation on September 17, 2025, providing key financial highlights, updates on its legal case, and details on a major strategic expansion.
* For FY25, the company reported consolidated operational revenue of ₹740 crore, an EBITDA of ₹(54) crore, and a PAT of ₹(108.4) crore (before share of profit of Associates, JV, and OCI). As of June 30, 2025, its market capitalisation was approximately ₹3,995.88 crore. * The Singapore International Commercial Court (SICC) ordered an en-bloc sale of Kiri Industries' and Senda International Capital Limited's shareholdings in DyStar. Kiri Industries entered into a Share Purchase Agreement (SPA) on May 29, 2025, with Zhejiang Longsheng Group Co., Ltd. (Purchaser). * Under the SPA, Kiri Industries will sell its 37.57% equity shares in DyStar Global Holdings (Singapore) Pte. Ltd. for a base consideration of USD 676,260,000 (approximately ₹5,630.95 crore). An additional amount of USD 20,287,800 (approximately ₹168.96 crore) will be paid to cover any shortfall or satisfy obligations. The total consideration is subject to further adjustments. * The transaction is subject to customary closing conditions and regulatory approvals, with a long-stop date of October 2, 2025, extendable to November 3, 2025. * Previously, the SICC awarded a value of USD 603.80 million (approximately ₹5,027.35 crore) for Kiri's stake in DyStar in 2023, and the Supreme Court of Singapore awarded interest of 5.33% on this amount from September 2023 until payment in 2025. * Kiri Industries is strategically expanding into the integrated copper smelting and fertilizer sector through its subsidiary, Indo Asia Copper Ltd. This project is estimated to cost approximately ₹10,661 crore. * ₹1,036 crore in equity has already been infused, with the balance secured under a 70:30 debt-equity structure, projecting an attractive ~25% IRR. Construction has commenced with a 36-month completion timeline from October 1, 2025. * The project, located in Amreli, Gujarat, will include a Copper Smelter (5,00,000 MTPA), an NP/NPK Fertilizer Plant (10,50,000 MT), and a Phosphoric Acid Plant (3,50,000 MT), creating a closed-loop value chain where sulfuric acid from copper smelting is used for fertilizer production. * The company remains cautiously optimistic for its chemical business in FY26, focusing on procurement efficiency, inventory management, and cost rationalization. India's dyes and pigments industry is projected to grow at a CAGR of 4.5%, reaching USD 68.67 billion by 2025, with India contributing 25–30% of global dye exports.
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