14-Oct-2026 16:38:29
IFGL REFRACTORIES : TERMINATES JV AGREEMENT WITH MARVELS FOR INDIA PLANT
• Joint Venture Agreement dated October 14, 2024 with Marvels International Group Company Limited (Seychelles) and Marvel Refractories (Anshan) Company Limited (China) terminated mutually on October 14, 2026 • JV entity IFGL-Marvels Refractories Limited was formed to set up a manufacturing facility in India for basic fired magnesite spinel bricks, basic fired magnesite bricks and fired magnesia chrome bricks • Envisaged shareholding was 51% with the Company and 49% with Marvels; Marvel did not subscribe to any shares, so entire shareholding of the JV entity remains with the Company • Representation Agreement dated December 19, 2023 with Marvel Refractories (Anshan) Company Limited will terminate on November 9, 2026 on expiry of the notice period • Company states no material financial or operational impact is presently envisaged from the termination Impact: Neutral (Partner exit from the India refractory JV; no shareholding change as Marvel never subscribed, and no material financial impact stated)
IFGL Refractories Limited
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