The board meetings of Phoenix Kothari Footwear Private Ltd., an Associate Company of Kothari Industrial Corporation Ltd., and its subsidiaries, namely JR One and Evervan Kothari, was held on 30 July.
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“The meetings also discussed the significant role of Kothari Industrial Corporation Limited, as a significant shareholder in Phoenix Kothari Footwear Private Limited, in supporting the long-term growth,” Dr. Jinnah Rafiq Ahmed, Chairman of Phoenix Kothari Footwear Private Ltd., said in a statement to the stock exchanges.
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“The board also deliberated on various strategic initiatives, including the possibility of further capital infusion by KICL, subject to the necessary corporate, statutory and regulatory approvals, to strengthen the joint venture and expand its footprint across India, particularly in the State of Tamil Nadu,” it added.
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“KICL remains committed to supporting the long-term growth strategy of Phoenix Kothari Footwear Private Limited and may explore appropriate funding alternatives, including a combination of fund infusion strategies, subject to the requisite approvals and applicable laws, with the objective of enabling Phoenix Kothari Footwear Private Limited to emerge as a leading player in the Indian footwear industry,” a release quoted Rafiq Ahmed as saying.
