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News Topical, Digital Desk : Kothari Industrial Corporation Ltd (KICL) in its board meeting held on Saturday approved the formation of a new subsidiary through a joint venture with Accademia TUAD of Italy. The new company will be named Kothari IUAD Private Limited or any other name approved by the Ministry. KICL will hold a 51 percent stake in the proposed company and will contribute an initial paid-up capital of Rs 5 crore. The objective of this joint venture is to establish an international-level Footwear Design & Technology Educational Institute/University in India.

The proposed company will have an authorized capital of ₹10 crore, divided into 1 million equity shares (₹10 per share). Since the company is not yet incorporated, no turnover requirements apply. This new entity will be considered a related party of KICL upon incorporation, but the promoters will have no personal stake or financial interest in it. The promoters will only be designated as directors. The company stated that all shares will be subscribed for at an arm's length price. 

Share Performance: The company's shares closed at ₹417.15 on the BSE on Friday, up 2.59 percent. Over the past year, the company's stock has gained 601.21 percent. 


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Kothari Industrial Corporation Ltd KICL Joint venture Accademia TUAD Italy Subsidiary Incorporation Footwear Design Education International Institute Paid-up Capital ₹5 crore Authorized Capital ₹10 crore 51% stake Kothari IUAD Private Limited Related Party Footwear Technology Design Skills Educational Institution