Kalind Limited has entered into a framework teaming agreement with Dharan International Limited, United Kingdom, to jointly pursue infrastructure opportunities in Africa. Effective July 23, 2026, the non-exclusive arrangement allows both entities to identify, bid for, and execute government and private-sector projects on the continent. This strategic move aims to expand Kalind’s presence in African infrastructure markets without creating a joint venture or guaranteeing minimum revenue. Individual projects, if awarded, will be governed by separate project-specific agreements.

The disclosure was made pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023. Ayush Dharmendrabhai Jasani, Vice Chairman & Managing Director of Kalind Limited, signed the intimation submitted to the Bombay Stock Exchange on July 25, 2026. The parties are not related to each other’s promoter groups, and the transaction does not fall under related-party transactions.

Key Terms of the Agreement

Under the agreement, Dharan International Limited will originate and coordinate opportunities, while Kalind Limited will provide technical expertise and approved credentials. Kalind may also execute agreed subcontract work upon the successful award of projects. Separate Bid Authorisations and Subcontract Agreements will govern individual projects. The company stated that the agreement is expected to enhance its opportunities to participate in infrastructure projects across Africa but does not assure any immediate order, revenue, or financial commitment.

Strategic Implications

This framework represents a low-risk entry strategy for Kalind Limited into the African market. By partnering with Dharan International Limited for origination and coordination, Kalind leverages local or regional expertise while contributing its technical capabilities. The absence of guaranteed revenue or minimum business commitments indicates that actual financial impact will depend entirely on the successful award of individual projects and the execution of definitive project-specific agreements. The initial term of three years, with automatic renewal options, provides flexibility while allowing time to establish a track record in the region.

Kalind Limited's board has approved raising funds up to USD 65 Million through various permitted instruments. The decision was taken during a board meeting held on July 22, 2026, at the company's registered office. The capital will be raised in one or more tranches via equity shares, convertible bonds, debentures, warrants, preference shares, or foreign currency convertible bonds (FCCBs).

The fund-raising methods include preferential issue, private placement, qualified institutional placement, and share swap. The securities may be issued for cash or other considerations, including a premium, and may be listed or unlisted. The initiative is subject to necessary shareholder, regulatory, and statutory approvals.

Fund Raising Instruments

The company outlined the following instruments for capital generation:

• Equity shares
• Convertible bonds
• Debentures
• Warrants
• Preference shares
• Foreign currency convertible bonds (FCCBs)
• Any other equity-linked securities

Meeting Details