IFGLEXPORIFGL Refractories Limited
IFGL Refractories terminates its joint venture agreement with Marvels International
- Legal
- Refractories
IFGL Refractories Limited has told the exchanges that the Joint Venture Agreement dated 14 Oct 2024, which it signed with Marvels International Group Company Limited (Seychelles) and Marvel Refractories (Anshan) Company Limited (China), is being terminated by mutual discussion between the parties. The agreement stands terminated on 14 Oct 2026, and the company made the disclosure the same day under Regulation 30 of the SEBI listing rules.
The joint venture company formed under the agreement is IFGL-Marvels Refractories Limited. The company says Marvel did not contribute towards the shares that were proposed to be allotted to it in the joint venture company, and so the whole shareholding in it remains with IFGL Refractories.
IFGL Refractories also has a Representation Agreement dated 19 Dec 2023 with Marvel Refractories (Anshan). The filing says that agreement will end on 9 Nov 2026, when the notice period provided in it expires.
Inference
Since Marvel never put in the capital it was to subscribe, the joint venture company is owned entirely by IFGL Refractories. The termination therefore ends the partnership without a transfer of shares.
The filing does not state any payment between the parties or any effect on the company’s results. It also does not say whether the joint venture company will continue with other plans.
Reference: Original filing (PDF)
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