NPS, which owns the Solovair range of leather shoes, intends to introduce it in India through this JV
New Delhi:Â Kanpur-based leather goods maker AKI India plans to raise Rs 80 crore from the market and announced a new 25:75 joint venture with UK-based NPS Shoes Ltd.
It will raise Rs 40 crore each by issuing equity shares on a preferential allotment basis and convertible warrants, according to a statement from the listed firm.
Among the investors, who would be issued the equity shares, are BNP Paribas Arbitrage ODI, NAV Capital VCC and Aegis Investment Fund PCC, subject to the approval of shareholders and other authorities concerned, it added.
AKI India had recently entered into a joint venture (JV) with UK-based NPS Shoes Ltd a 140-year-old footwear company based in Northamptonshire, UK.
The JV’s focus areas include collaboration in manufacturing, dealing in, and exporting leather shoes.
NPS, which owns the Solovair range of leather shoes, intends to introduce it in India through this JV.
AKI India Founder and Chief Executive Asad Kamal Iraqi said: “The company is at an inflexion point and the fresh fundraising will take the company to a new level. The journey to value creation also demands sustained focus on opening new avenues. Our partnership with NPS Shoes is a significant step in our journey of the past two decades”.
NPS Shoes Managing Director Christian Castle said: “With the Indian market booming riding on economic optimism, the demand for high-quality lifestyle products is accelerating. We proudly welcome our flagship brand Soloviar to India soon. At the same time, we are happy to collaborate with AKI to tap the mutual strengths and expand our markets of presence globally”.
