Kiri Industries has disclosed that its subsidiary Indo Asia Copper Limited (IACL) received approval under the Production Linked Incentive (PLI) Scheme for White Goods. The approval letter was dated January 27, 2026, and received on January 28, 2026, from IFCI Limited, which serves as the Project Management Agency (PMA) and monitoring agency on behalf of the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce & Industry.

PLI Scheme Approval Details

The approval covers a strategic segment within the white goods manufacturing sector, specifically targeting high-value intermediaries for air conditioning systems.

Scheme Benefits and Conditions

Under the PLI Scheme for White Goods covering Air Conditioners and LED Lights, IACL will be eligible for incentives calculated as a percentage of net sales. The scheme provides incentives up to 4% of net sales for the approved category, subject to specific limits and conditions outlined in the scheme guidelines.

The incentive structure is performance-based and will only be available upon achievement of prescribed eligibility conditions. These conditions include meeting minimum incremental investment thresholds and achieving specified net incremental sales targets, with verification required by the competent authority.

Compliance Requirements

IACL must comply with all applicable conditions specified under the PLI Scheme and meet statutory requirements within prescribed timelines. The company will need to demonstrate adherence to investment commitments and sales performance metrics to qualify for the incentive payments.

The approval represents a significant development for Kiri Industries' subsidiary operations, positioning IACL in the manufacturing of essential components for the air conditioning industry. The copper tubes manufacturing facility will contribute to the domestic production capabilities for white goods components under the government's production-linked incentive framework.

Kiri Industries Limited has announced board approval for a substantial investment of up to USD 168 million in its wholly owned Singapore subsidiary, marking a significant step in the company's international expansion strategy. The board meeting held on January 3, 2025, approved this strategic investment in Claronex Holdings Pte. Ltd.

Investment Details and Structure

The investment will be executed through cash consideration, with equity shares issued at SGD 7.00 per share. The total investment amount of USD 168 million is approximately equivalent to ₹1,500 crores. Despite this substantial investment, Kiri Industries will maintain its 100% ownership in Claronex Holdings, ensuring no change in shareholding percentage.

About Claronex Holdings

Claronex Holdings Pte. Ltd. was incorporated in Singapore on February 14, 2024, under the Companies Act, 1967. The subsidiary currently has a paid-up share capital of USD 15,115 and operates in wholesale trading of various goods along with investment and financing activities. However, the company has not yet commenced its business operations.

Strategic Objectives

The primary purpose of this investment is to enable the repayment of Claronex Holdings' entire credit facility of USD 130 million along with applicable interest, making the subsidiary completely debt-free. Additionally, the investment will facilitate the commencement of the subsidiary's business operations in trading activities.

Key objectives include:

• Complete repayment of USD 130 million credit facility
• Elimination of all existing debt obligations
• Facilitation of trading business operations
• Strengthening the subsidiary's financial position

Related Party Transaction Compliance

As Claronex Holdings is a wholly owned subsidiary, this investment constitutes a related party transaction under applicable regulations. The company has confirmed that the investment will be undertaken on an arm's length basis. Mr. Manish Kiri, Chairman and Managing Director of Kiri Industries, serves as a Director on Claronex's board. No other promoters, promoter group members, or group companies have any financial interest in this investment.

Regulatory and Completion Timeline

The investment does not require any governmental or regulatory approvals, streamlining the execution process. The company expects to complete the proposed investment within six months from the approval date. This timeline allows for proper structuring and execution of the equity share issuance process.

This strategic investment demonstrates Kiri Industries' commitment to strengthening its international presence through its Singapore subsidiary while maintaining operational flexibility in global markets.