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Kiri Dyes acquires German DyStar Group

04
Feb '10
Kiri Dyes and Chemicals Ltd (KDCL)has acquired world's leading multinational DyStar Group through its SPV Kiri Holding Singapore Private Limited.

Kiri Dyes and Chemicals Ltd (KDCL) through its SPV Kiri Holding Singapore Private Limited have acquired world's leading multinational DyStar Group through with the support of tis Joint Venture partner Longsheng Group.

Kiri Holding Singapore Private Limited had entered in to asset purchase agreement with the Insolvency Administrator in Germany on December 4, 2009. KDCL has completed all the conditions of assets purchase agreement in terms of Financing, Anti Trust Clearance, Approval from Creditors' Committee of DyStar etc. KDCL has secured debt financing from consortium of banks led by State Bank of India, Export Import Bank of India, Oriental Bank of Commerce and Central Bank of India.

The KDCL has prepared a detailed restructuring plan to make Dystar profitable and unlock the value for stake holders of KDCL. KDCL was advised by SBI Capital Markets Ltd. and its German counterpart Angermann M&A International GmbH in this acquisition "Synergies of both the companies, Dystar and KDCL along with participation and support of Longsheng will provide long term sustainable and successful future to DyStar. DyStar and KDCL jointly have created competitive advantages with completion of this acquisition, which will strengthen global leadership of Dystar, and will create high values for all their stake holders such as investors, employees, creditors, vendors, etc. The acquisition of DyStar will provide KDCL access to new markets and customer groups, specially in Europe.

DyStar is the Global market leader for dyes, dyes solutions, leather, performance chemicals, new technologies and custom manufacturing of special dyes / pigments with about 21% market share globally. It provides high quality products and services across the whole value chain in various sectors like apparel, hosiery, automotive, carpets and home upholstery as well as industrial fabrics. It has sales and technical support presence in all key markets, agencies in 50 countries and 18 production facilities in 12 countries with a total employee strength of around 3500. The group achieved sales of approx. Euro 800 Mn in calendar year 2008.

Kiri Dyes and Chemicals Ltd


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