CHENNAI: Twenty-four years after being delisted from the Bombay Stock Exchange, Chennai -based Kothari Industrial Corporation (KCIL) has been acquired by new promoter Rafique Ahmed.
Ahmed has acquired 47.08 % stake under preferential offer and post open offer, he will likely to have 79.38% stake. He will become new promoter after shareholders’ approval of the allotment of preferential shares.
He joined the board as investor in 2014 and later became MD. Ahmed, told reporters on Monday the Qatar-based royal family member Sheikh Falah Bin Jassim Bin Jabor Al Thani may make substantial investment and could join the board.
He refused to provide the details of the investment. He said KCIL is planning to invest in a NPK (nitrogen, phosporous and pottasium) factory in Qatar, along with a public sector undertaking.
This was a long-term plan but they never received green signal from the Qatar government. “We believe after Sheikh’s participation as director in the company, we can push for that and he can help in setting up the fertilizer factory in Qatar,” said Ahmed.