Indian dye-maker Kiri Industries is offloading its stake in Singapore-based DyStar to China’s Zhejiang Longsheng for $676.2 million, a deal that’s worth more than Kiri’s entire market cap of ₹3,800 crore.
Zhejiang Longsheng Group is a Chinese chemical giant with a focus on dyes, pigments, and related intermediates.
Context: Kiri and Zhejiang co-own DyStar, a global dye and chemicals manufacturer for textile and leather industries. But the two have been locked in a messy shareholder dispute for years—centered on governance, valuation, and control.
This deal not only ends that fight but gives Kiri a massive cash exit and clean slate.
Zoom out: India’s specialty chemicals sector is heating up. The industry is projected to grow from $220B in 2023 to $300B by 2025, and hit $1 trillion by 2040.
PE interest is rising too, Japan’s Mitsubishi Chemical recently sold its India unit to Advent International, and Advent also snapped up Piramal’s API business along with LANXESS.
