Kothari Industrial Corporation Ltd (KICL), based in Chennai, has announced that a Qatar-based company linked to the Royal family is acquiring close to 10 per cent of its stake.

FJ Global and Investment, owned by Falah Jassim J.M. AL-Thani, will purchase 7,056,000 shares in KICL. The board has approved the deal at ₹25 per share, with a face value of ₹5 per share.

KICL’s current promoter, Rafiq Ahmed, plans to increase his investment to maintain his 47 per cent stake, the company said in a statement.

The KICL board has also approved the establishment of a joint venture in Qatar. The new venture will be 70 per cent owned by KICL and 30 per cent by AL-Thani. It aims to explore growth opportunities and expand the company’s global footprint. Plans for the joint venture are still being finalised.

Additionally, the board has proposed raising KICL’s authorised share capital to ₹75 crore from the current ₹25 crore, pending shareholder approval.

KICL is also pursuing the acquisition of Ahmed’s 30 per cent stake in Phoenix Kothari Footwear Ltd., subject to necessary approvals. Phoenix Kothari is developing a non-leather footwear park in Perambalur, Tamil Nadu, where the first plant is already operational.