Kiri Industries acquires 40% stake in Philippine-based Makilala Mining Company
Equinaire Holdings Limited (EHL) is a wholly-owned subsidiary of Kiri Industries.
The acquisition was executed through the enforcement of security rights under an Omnibus Loan and Security Agreement (OLSA). This followed unresolved events of default by the borrower. EHL had previously acquired rights under this agreement from Maharlika Investment Corporation.
Makilala Mining Company is based in the Philippines. The company is currently pre-revenue and has not yet commenced mining operations. MMCI is developing the Maalinao-Caigutan-Biyog (MCB) copper-gold project in Kalinga, Philippines. This project is governed by a Mineral Production Sharing Agreement.
This acquisition aligns with Kiri Industries' strategic integration objectives to secure a reliable, long-term upstream supply of copper concentrate for its greenfield project under Indo Asia Copper.
The transaction is subject to standard Philippine tax clearances, corporate registrations, and stock transfer book updates, with completion expected within 15 to 25 working days.
Kiri Industries is one of the leading manufacturers and exporters of dyes, dye intermediates, and basic chemicals from India.
The company's consolidated net profit surged to Rs 290.24 crore in the quarter ended June 2026 as against Rs 10.14 crore during the previous quarter ended June 2025. Sales rose 54.54% to Rs 312.36 crore in Q1 FY27 as compared with Q1 FY26.
The scrip fell 1.60% to currently trade at Rs 577.50 on the BSE.
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