Kiri Industries receives US$689.03 million on resolution of DyStar matter
India, Jan. 5 -- Kiri Industries received the full consideration of US$689.03 million following the en bloc sale of its entire 37.57% stake in DyStar Global Holdings (Singapore), marking the successful conclusion of a long-running legal dispute before the Singapore Courts.The amount received includes purchase consideration, share buyback proceeds, interest, and costs awarded by the Singapore International Commercial Court. Upon receipt of the funds, DyStar has ceased to be an associate company of Kiri Industries.The DyStar proceedings were initiated by the Company in 2015 to protect its rights as a minority shareholder. Over nearly a decade, the matter progressed through multiple stages of litigations and appeals, ultimately confirming mino...
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