Chennai : Kothari Industrial Corporation Ltd (KICL), the flagship company of the D.C. Kothari group successfully hosted its 56th Annual General Meeting today (Wednesday) in Chennai. Dr. Jinnah Rafiq Ahmed, Executive Chairman, Kothari Industrial Corporation Limited (KICL) outlined an ambitious vision for the Company’s next phase of growth, with a strong focus on investing in Tamil Nadu and building businesses aligned with India’s long-term growth story. Sheikh Jassamal Al Thani has demonstrated strong confidence in KICL and has expressed keen interest in supporting and participating in the Company’s next phase of growth initiatives in Tamil Nadu.
Dr. Jinnah Rafiq Ahmed has acknowledged the challenges faced by KICL since 2014, while emphasising that the Company has now moved into a new era of transparency, professional management, strategic investments and multiple engines of growth. Some of the key highlights of the AGM:
REVIVAL TO 535% GROWTH:
2023-24: 42% growth
2024-25: 535% growth
2025-26: 95%+ growth
We grew from 1 Million to 3 Million, to 5 Million pairs. Next year we target 10 Million, and our ultimate target is 100 Million.
Madurai – A Major New Growth Platform
The 225-acre Madurai project is emerging as one of KICL’s significant upcoming initiatives. The Company is actively working on the development and has identified two strategic collaborations for the project. KICL is looking at commencing the project by the end of this year, subject to completion of the necessary processes and finalisation of the collaborations.
The project is envisioned as an important platform for industrial and economic activity in the region, with the potential to create employment and bring new businesses and capabilities to southern Tamil Nadu.
Ramanathapuram – A New KICL Initiative
The Chairman also announced Ramanathapuram as a new initiative in Phoenix Kothari Footwear Private Limited, Tamil Nadu growth strategy.
The Company is evaluating opportunities in the region and sees significant potential for developing projects that can contribute to local economic development, employment generation and the broader growth of southern Tamil Nadu.
Building India’s Footwear Growth Story
Footwear remains one of KICL’s principal growth engines, with investments spanning manufacturing, infrastructure, brands and technology.
The Company has developed Phoenix Kothari Park at Padalur, the Karur Adidas facility and the 225-acre Madurai project, while building its consumer brands Kickers, Zodiz and Jeetlo.
The Chairman highlighted the significant potential of India’s footwear market. With consumption currently at around two pairs per person annually, he believes consumption can move towards three pairs and beyond, making India one of the world’s most important footwear consumption and manufacturing markets.
KICL is also working with globally recognised manufacturing partners to bring international expertise, innovation and technology into India’s footwear ecosystem.
IUAD – Bringing Global Design Education to India at Hosur in Tamil Nadu
Among KICL’s most transformative initiatives is IUAD, its strategic collaboration with IUAD Italy to bring international design education to India.
With the campus being developed in Hosur near Bengaluru, short-term programmes are expected to commence from November, followed by regular degree programmes from April 2027.
The Chairman stressed that IUAD is much more than another educational institution. It is an initiative designed to change the way design education is delivered in India.
Through its unique “learning by doing” methodology, students will gain exposure to global design thinking, innovation and industry practices across footwear, fashion, apparel, jewellery, furniture, interior design and fashion management.
The objective is to create a new generation of Indian design professionals equipped to compete globally and contribute to India’s manufacturing and creative economy.
Fertilisers – Rebuilding on a Powerful Legacy
KICL also sees significant potential in its fertiliser business. The Kothari name, particularly the iconic Blue Horse logo, has strong recognition among farmers.
The Company intends to build upon this heritage and brand equity, strengthen its presence in the fertiliser sector and develop it as a significant growth platform.
Drones – From Services to Manufacturing
KICL’s drone initiative, which began as a service-oriented business, is now moving towards manufacturing and technology development.
The Company sees opportunities across agriculture, industrial applications and other emerging sectors and intends to participate in India’s rapidly developing drone ecosystem.
Food – Growth with a Social Purpose
The food initiative reflects KICL’s philosophy of growth with purpose.
What began with feeding around 100 people has grown to serving approximately 100,000 people, particularly school children.
Alongside this social initiative, KICL has developed the Una Villa Continental Restaurant brand. Una Villa was also recognised with the Best Continental Cuisine Restaurant award for FY2025–26 at the recent Retailers Association event held in Chennai on August 19.
FMCG – Participating in India’s Consumption Story
KICL is also entering the FMCG sector, recognising the enormous opportunity created by India’s expanding consumer economy.
The Company intends to build strong brands supported by professional teams, long-term investment and scalable business models.
Investing Today, Building Tomorrow
Across these businesses, KICL’s philosophy remains consistent:
Invest in the right opportunities. Build the infrastructure. Create strong professional teams. Develop scalable businesses. And participate meaningfully in India’s growth story.
Dr. Rafiq Ahmed said KICL is no longer looking at individual businesses in isolation, but is building a diversified portfolio of businesses capable of creating sustainable value for shareholders and other stakeholders.
The Company is targeting minimum 3× growth next year, while the Chairman has set an ambition of achieving 5× growth, supported by the investments, partnerships, brands and new businesses being developed.
The Next Chapter
The Chairman also revealed that several new projects and investment opportunities have already been identified, including opportunities in Tamil Nadu. However, due to confidentiality obligations and NDAs currently in place, the Company will announce these initiatives only after the relevant discussions and transactions are concluded.
KICL’s vision is to transform itself into a completely diversified conglomerate by FY2027, with its investments across multiple sectors maturing into businesses capable of delivering positive and sustainable returns to shareholders.
The journey from footwear to design, fertilisers, drones, food, FMCG and new industrial initiatives reflects a larger ambition — to build KICL as an institution that grows alongside India and contributes to the development of Tamil Nadu.
“We are not merely building businesses; we are building the foundation for Kothari’s next chapter. The investments we make today are the seeds of tomorrow’s growth. Our ambition is to grow with India, create value for our stakeholders and build an institution that is stronger, more diversified and more valuable for generations to come.”
— Dr. Jinnah Rafiq Ahmed, Chairman, KICL
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