Kiri Dyes and Chemicals Ltd (KDCL) has acquired world's leading multinational DyStar Group through its SPV Kiri Holding Singapore Private Limited.
The acquisition was made with the support of its joint venture partner Longsheng Group. Kiri Holding Singapore Private Limited had entered into asset purchase agreement with the insolvency administrator in Germany on December 4 last year.
KDCL has completed all the conditions of assets purchase agreement in terms of financing, anti-trust clearance and approval from creditors' committee of DyStar. 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.
The acquisition of DyStar will provide KDCL access to new markets and customer groups, specially in Europe. DyStar is a global market leader for dyes, dyes solutions, leather, performance chemicals, new technologies and custom manufacturing of special dyes / pigments with about 21 per cent 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 3,500. The group achieved sales of 800 million euros in calendar year 2008.
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