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Kiri Dyes pockets DyStar Group for just € 1
11
Dec '09
Ahmedabad-based Kiri Dyes and Chemicals Ltd (KDCL) has completed negotiations to acquire the debt-ridden and insolvent Germany based DyStar Group, which is in to manufacturing and marketing of dyes.

Kiri Dyes and Chemicals Ltd (KDCL) through its special purpose vehicle (SPV); Kiri Holding Singapore Pvt. Ltd., executed the purchase agreement on December 04, 2009 subject to the necessary approvals under the laws of Germany.

Official sources revealed to fibre2fashion that, the deal has been struck for a token amount of just €1, but Kiri Dyes will have to shell out nearly Rs 8.5-9.0 billion to repay the debt as well as in re-structuring the company.

DyStar which is a global leader in the dyes and dyes solution market has a 21 percent market share and posted sales of Rs 55 billion in 2008. This acquisition will take Kiri Dyes in the league of companies with a billion dollar turnover.

DyStar which has filed for insolvency for its sites in Frankfurt, Leverkusen, Brunsbuttel, Geretsried, and Ludwigshafen has 18 production facilities in 12 countries with a employee strength of around 3,500.

Fibre2fashion News Desk

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