Equinaire Holdings Limited, a wholly-owned subsidiary of Kiri Industries, has executed an Assignment Agreement with Maharlika Investment Corporation (MIC). The agreement involves the assignment of a loan extended to Makilala Mining Company, Inc. (MMCI) for the Maalinao-Caigutan-Biyog (MCB) Copper-Gold Project in Pasil, Kalinga, Philippines. The loan amount stands at USD 9,764,090.63, subject to adjustments at the time of closing.
This strategic acquisition marks a significant move for Kiri Industries as it positions the group to benefit from off-take arrangements, ensuring a preferential supply of copper ore/concentrate from MMCI for its upcoming copper facility under Indo Asia Copper Limited. This entry into the upstream copper supply chain is expected to secure a stable and long-term supply of copper, a critical resource to meet India’s growing demand.
The agreement was executed on April 27, 2026, with Equinaire Holdings Limited stepping into the role of the lender upon the closing of the agreement. The transaction is structured on an “as-is, where-is” basis without recourse, including the transfer of rights to receive principal, interest, and other dues as outlined in the agreement.
Payment terms include an upfront deposit of USD 5,000,000, with the balance payable on the closing date. The closing is expected within seven business days after the expiry of 60 days from the execution date, or earlier if mutually agreed upon by the parties.
The agreement does not impact the management or control of Kiri Industries, and there is no direct liability imposed on the company. Maharlika Investment Corporation and Makilala Mining Company Inc. are not related to Kiri Industries’ promoter group or group companies.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).
This article is written by Kinjal and reviewed by Aman Shukla before publication.