Kiri Industries Limited Completes DyStar Matter, Announces Strategic Shift and Copper/Fertilizer Investments
Kiri Industries Limited announced the successful resolution of the dispute regarding its investment in DyStar, following a final order from the Singapore Court. The company received proceeds of USD 689 million, approximately INR 6200 crore, materially strengthening the balance sheet.With the DyStar matter concluded, Kiri Industries is entering a new strategic phase focused on long-term growth through diversification into copper and fertilizer manufacturing while strengthening its specialty chemicals platform.
Established in 1998 and headquartered in Gujarat, Kiri Industries Limited is a leading manufacturer and exporter of dyes, dye intermediates, and basic chemicals from India. The company operates a vertically integrated manufacturing model spanning Basic Chemicals → Dye Intermediates → Dyes. It serves multiple end-use industries across 50+ countries.
Key Milestones and Strategic Initiatives
| Rawmaterials | Quantity (MTPA) | Products | Quantity (MTPA) |
|---|---|---|---|
| Copper Scrap &Smelting unit | Copper Scrap &Smelting unit | Copper Scrap &Smelting unit | Copper Scrap &Smelting unit |
| Copper scrap | 2,10,306 | Copper Cathode | 3.5 Lakh- 5 Lakh |
| Copper concentrate | 11,77,237 | Copper Wire Rod | 2,25,000 |
| Copper concentrate | 11,77,237 | Copper Tube | 35,000 |
| Copper concentrate | 11,77,237 | S02 Laden Gases(in million m3/annum) | 310 |
| Copper concentrate | 11,77,237 | Gold | 2.94 |
| Copper concentrate | 11,77,237 | Silver | 94.18 |
| Copper concentrate | 11,77,237 | Selenium | 108 |
| Rawmaterials | Quantity (MTPA) | Products | Quantity (MTPA) |
|---|---|---|---|
| Fertilizer unit | Fertilizer unit | Sulphuric Acid | 14,00,000 |
| So2 Laden Gases ( in million m3/annum) | 310 | Phosphoric acid | 3,50,000 |
| Rock phosphate | 13,58,695 | Phospho-gypsum | 9,99,000 |
The company is establishing an integrated copper smelting and refining facility in Jafrabad, Amreli, Gujarat, with a total project cost of approximately INR 8,100 crore. A fertilizer project is estimated at around INR 3,600 crore, while capital expenditure for the renewable power project and jetty is expected to be approximately INR 1,600 crore.
The copper project will process imported copper concentrate and copper scrap into refined copper products. Sulfur dioxide generated during copper smelting will be converted into sulfuric acid, which will then be utilized for the production of phosphatic fertilizers.
Financial Performance
The company reported a revenue from operations of INR 6,015 million in FY23, increasing to INR 6,556 million in FY25, and INR 5,370 million in 9M-FY26.The consolidated profit after tax for FY23 was INR (1,331) million, increasing to INR (1,084) million in FY25 and INR 50,678 million in 9M-FY26.
Management Team
Key leaders driving the company’s strategic initiatives include:- Manish Kiri: Managing Director & Chairman
- Yagnesh Mankad: Whole Time Director
- Girish Tandel: Whole Time Director
- Ashokkumar Rajpara: Independent Director
- Nanubhai Kathiria: Independent Director
- Reema Parikh: Independent Director
- Mr. Ranjit Singh Chugh: Chief Executive Officer (Copper and Fertilizer Business)
- CA Nesal Shah: Chief Financial Officer
- Mr. Tej Malhotra: Group Director, Projects
- Mr. A. R. Das: Mentor
- Mr. Dwipak Dutta: Fertilizer Expert & Technical Advisor
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