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8th December 2009, Ahmedabad

Kiri Dyes buys Germany's DyStar Group

Media reports say that India’s Kiri Dyes and Chemicals Ltd (KDCL), an Ahmedabad-based company engaged in the manufacturing of organic dyes for cotton fabrics, has executed a purchase agreement with DyStar Group, a German-based company in a similar space.

Reports say that as part of the agreement, the company will acquire DyStar Group and its selective assets for an undisclosed sum but suggest the deal size is somewhere in the region of £100 million (about $164 million).

KDCL has reportedly made the agreement through Kiri Holding Singapore Pvt Ltd, a special purpose vehicle of the company. The acquisition is subject to necessary approval from the government of Germany, said the company in a filing to the Bombay Stock Exchange.

DyStar Group claims about 21% market share in dyes and pigments space globally. It supplies products to companies across sectors including apparel, hosiery and automotive.  It has presence across 50 countries globally with employee strength of 3,500 people.

Source: VCCircle.com

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