Footwear manufacturing business AKI India has formed a 25:75 joint venture with UK-based NPS Shoes Ltd to launch its Solovair brand in the country. AKI India also plans to raise Rs 80 crore from the market. 

“The company is at an inflexion point and the fresh fundraising will take the company to a new level,” said AKI India’s founder and chief executive Asad Kamal Iraqi, the Press Trust of India reported. “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.”

AKI India plans to raise Rs 40 crore by issuing equity shares on a preferential allotment basis and convertible warrants, India Retailing reported. Investors which will be allotted equity shares include BNP Paribas Arbitrage ODI, NAV Capital VCC, and Aegis Investment Fund PCC and this plan is subject to shareholders’ and concerned authorities’ approval. 

“With the Indian market booming riding on economic optimism, the demand for high-quality lifestyle products is accelerating,” said NPS Shoes’ managing director Christian Castle. “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.”